tax burden
Now, a new report produced for the Hotel Association of New York City shows that hotels in New York a wealth tax Load twice that of other major markets.
In 2019, taxes accounted for 9.4% of revenue; In 2020, this proportion increased to more than 30% on average.
At some hotels, taxes due far exceeded revenue during the peak of the pandemic. In addition to this disproportionate burden, late payments result in property tax debt interest of 18% per year.
The hospitality industry, which has paid out an unprecedented half-billion dollars in unemployment benefits and furloughed workers during the pandemic, in addition to federal unemployment benefits and expanded unemployment benefits workers have received from the state —will continue to suffer when making cheap headlines the goal of bad politics.
A prime example is the right to severance pay. It was pushed through in an undemocratic process, although hotels had raised concerns about what the law would mean for workers in the long run if one city’s industry were penalized Unemployment rate more than doubled the national average.
It’s not just hotels and the recovery of the tourism industry that are at stake when hotels are unfairly targeted. Before the pandemic, the hotel industry employed more than 50,000 New Yorkers — mostly immigrants and people of color — and generated $3.2 billion a year in city tax revenue. Industry also added $22 billion annually to our economy. When hotels lose our workers too.
