NYC could lose $111 million a year in tax revenue thanks to remote work: Comptroller Stringer

“Our analysis shows that the pandemic has fundamentally altered the way people work, with far reaching implications on the city’s economy and tax base,” City Comptroller Scott Stringer said. “As remote work and hybrid work schedules keep many workers closer to home, small businesses in residential districts may see a boost from New Yorkers spending more in their neighborhoods. However, the loss of foot traffic and lower sales may be severely felt by small businesses in the city’s commercial districts.”