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.”
BLM Painting a Mural on 5TH AVENUE this morning— sheila (@liquidlaugh) July 9, 2020
All the way to the Trump Tower
How does this solve the Crimes taking place against the Citizens of NYC?
Can NY hold on much longer with the
2-Man Wrecking Crew of Cuomo and De Blasio
Once known as the Greatest City in the World
Highlight: “Rent is a restaurant’s largest fixed cost,” NYC Hospitality Alliance Executive Director @AndrewRigie says. “If we don’t do something to deal with the rent issue, I am very concerned we’re going to see defaults throughout the system.” Full interview: pic.twitter.com/PFNeUDB6J6— Yahoo Finance (@YahooFinance) July 8, 2020
“Fight, fight, fight. Housing is a right.” Dozens are protesting outside of the Bronx County Housing Court urging city officials to close court and cancel rent @News12BX #housing #bronx #nyc pic.twitter.com/VMI8mqABsP— Mary-Lyn Buckley (@ml_buckley) July 7, 2020
New Yorkers need help in so many ways and..........— Juanita Broaddrick (@atensnut) July 9, 2020
DeBlasio gives you a fucking mural. https://t.co/Nj4uslhdUN