NYC Temporarily Eliminating Hotel Room Occupancy Tax To Boost Tourism

Abstract

New York City Mayor, Bil de Blasio, has announced the halting of hotel occupancy tax starting on June 1, 2021. de Blasio and the rest of the New York City tourism sector is hopeful the decrease of 5.875% of hotel costs will encourage hotels to drop room rate prices to spike tourism demand across the city. New York City is also in the process of launching a $30 million campaign to bring back domestic tourism to the city. There were roughly 257,000 jobs lost in 2020 due to the COVID-19 pandemic. However, the city is on the path towards recovery as major historic New York City hotels begging to open up for the summer months and hopefully for good.