City officials are not counting on a quick recovery for the real estate industry, which could lose a third of its annual output this year because of the pandemic.
Total taxable real estate sales, both commercial and residential, will drop to $65 billion this year, from $100 billion in 2019, according to a report from the city's Independent Budget Office.
"In the wake of this crisis, the long-term attractiveness of New York City as a place to live and do business is very much an open question," the report said. "At a minimum, prices of both commercial and residential property are likely to remain below the record-breaking levels of recent years for a considerable period."