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  • 25 percent of NYC renters have not made payments since March

    25 percent of NYC renters have not made payments since March

    The surge in overdue payments is one facet of the crisis that COVID-19 has created in the Big Apple’s housing market that’s harmed both tenants and landlords. The surge in overdue payments is one facet of the crisis that COVID-19 has created in the Big Apple’s housing market that’s harmed both tenants and landlords, according to Bloomberg Businessweek.

    H/T: New York Post

    More from Bloomberg:

    Two-thirds of New Yorkers rent their homes, making it America’s biggest rental market, and it’s always had its own crazy kind of housing math. But with unemployment soaring and the typical rent about twice the national average, the numbers no longer add up. A quarter of the city’s apartment renters haven’t paid since March, according to the Community Housing Improvement Program (CHIP), a group that represents mostly landlords of rent-stabilized buildings.

    Some landlords, with their own bills to pay, are running out of savings, so the city is bracing for hundreds of millions of dollars in delinquent property tax payments. A new state law prohibits evictions of tenants who face financial hardships while any social-distancing rules are in effect. That could be a while—maybe until there’s a vaccine. For now, tenants who want to stay put but can no longer afford their rent are trying to negotiate payment plans, or, like Lee, simply waiting out the crisis, hoping for a miracle.

    It would take something on the order of divine intervention to keep the situation from worsening. The temporary $600 weekly boost to unemployment benefits is set to expire at the end of July, unless Congress intervenes to extend it. That means many tenants who’ve managed to stay current on their rent payments will no longer be able to. “It’s going to be a mess,” says Jonas Shaende, chief economist at the Fiscal Policy Institute, an independent think tank in New York City. “There doesn’t seem to be any plan and the looming problem is so large.”

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