NYC loses $1.2 billion after tourist spending drops by 73%

New York City's all-important tourism industry is showing its first signs of revival. But the sector has drastically contracted under the pressure of the pandemic, according to a report from the state comptroller's office.

Spending by visitors to New York City dropped by 73% in 2020 from the year before, costing the city $1.2 billion in tax revenue. Tourism-related losses accounted for 59% of the city's $2 billion decline in tax collections, the report said...

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