Office of the New York State Comptroller DiNapoli - This Week: NYC Hotel Industry Among Nation's Strongest

 

NYC Hotel Industry Among Nation’s Strongest

New York City’s hotel industry is one of the nation’s strongest, with high demand for rooms led by a surge in domestic visitors, but it remains vulnerable to changes in tourism and the continued loss of international travelers due to geopolitical instability, according to a new report by Comptroller DiNapoli.

“The city’s hotel industry has largely recovered from the pandemic. It is doing well, but it could be doing even better if international visitors returned more quickly,” DiNapoli said. “Federal policies on trade and immigration, and other domestic and global geopolitical issues, are keeping some tourists away. Despite the challenges, we expect the sector to continue to grow, but a complete recovery requires a return of international visitors and increased employment to keep up with demand.”

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Comptroller DiNapoli Releases Report on Enacted Budget 

The estimated $277 billion Enacted Budget for State Fiscal Year (SFY) 2027 is an increase of 7% from SFY 2026 with the state Division of the Budget projecting that disbursements will exceed receipts in each year of the Financial Plan, raising questions about long-term fiscal sustainability, according to a report released by Comptroller DiNapoli. 

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2027 Property Tax Cap Remains at 2% for Sixth Straight Year

According to data released by Comptroller DiNapoli, the 2027 property tax levy growth will be capped at 2% for local governments with a calendar-based fiscal year. This applies to all counties, towns, and fire districts, as well as 44 cities and 13 villages. Comptroller DiNapoli noted the ongoing challenge local governments face in delivering essential services efficiently amid rising costs, adding that his office offers technical assistance for localities that need it--and provides transparency to the public to raise awareness about the fiscal pressures facing local governments.

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Q1 Business Tax Receipts Drive Higher Collections 

State tax receipts totaled $37.2 billion through the first quarter of State Fiscal Year (SFY) 2027, $2.4 billion higher than the state Division of the Budget estimated in the SFY 2027 Enacted Budget Financial Plan. State tax collections were also $4 billion higher than the first quarter of 2025, according to the monthly state cash report released by Comptroller DiNapoli.

“Tax collections for the state were higher than projected, primarily reflecting strong business tax collections,” DiNapoli said. “However, caution is warranted as geopolitical conflicts and changing trade policies have contributed to higher inflation, financial market volatility, and slowing employment growth.” 

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Gun Buyback Event Today in Brooklyn

M U N I C I P A L   &   S C H O O L   A U D I T S

• Village of Owego - Records and Reports
• Levittown Union Free School District – Financial Management
• Town of Newcomb – Town Supervisor's Records and Reports
• City of Yonkers – Budget Review
• Sayville Fire District – Claims Audit
• Copiague Union Free School District – Audit Follow-Up

A L S O  I N  T H E  N E W S

• New report finds international visits to NYC hotels lag
• Comptroller warns of increasing instability in NY fiscal outlook
• NY Property Tax Cap Set at 2% for 2027 Local Government Budgets
• Brooklyn DA Gonzalez, NYPD, Attorney General, State Comptroller to Offer $500 for Firearms at Gun Buyback
• DiNapoli Releases Taxpayer Migration Dashboard

• New York Renewable Permit Times Fall After Comptroller Audit

P O S T   O F   T H E   W E E K