NYC may lose 475,000 jobs, $9.7 bn in tax revenue due to Covid-19: Report

Given the staggering job losses, IBO said it assumes that the US economy has entered a recession even though official statistics have not yet captured the scenario

New York City could lose 475,000 jobs in over 12 months, the worst it has faced since the early 1970s, and experience a shortfall of $9.7 billion in tax revenue due to the Covid-19 pandemic, a report by New York City Independent Budget Office (IBO) said.

In a fiscal brief issued Wednesday, the budget office said the Covid-19 pandemic and the public health restrictions imposed to help limit the spread of infections have delivered a severe blow to the economy, leading to very large and abrupt job losses that are unprecedented in their scope and pace.

Given the staggering job