NYC leads the nation on many fronts, unfortunately not all of them good. When COVID-19 hit the United States, New York City was among its first victims. As a result, renters and property owners have suffered the impacts of the pandemic-related economic crisis longer than most others in the nation. When tenants can't work, they can't pay rent, and when property owners can't collect rent, they can't pay their mortgage. In normal times, landlords would evict their tenants, but these are extraordinary circumstances, and eviction moratoriums have blocked traditional recovery routes for property owners. What can be done?
amNY reports that a group of real estate organizations in New York has recently taken matters into their own hands.
NY Real Estate Coalition Seeks $2 Billion in Assistance Funding
Although federal legislation has instituted some relief to renters, those paying the mortgage have in large part been left out in the cold. In a letter sent to members of New York's congressional delegation as well as U.S. Senators Chuck Schumer and Kristen Gillibrand, a coalition has requested relief funding in the amount of $2 billion. This letter seeks financial assistance for both tenants and landlords. It further notes that NY state programs, like the NYS Emergency Rental Assistance Program, have been helpful but have fallen short of the total need.
How the Funding Would Help
The real estate coalition behind the letter notes that some tenants owe tens of thousands of dollars in back rent, and further, the landlords don't want to pursue eviction. Not only would eviction harm a more marginalized class of citizens, but the eviction process is backlogged and cumbersome. Without funding to assist both tenants and landlords, everyone loses. On the flip side, the necessary financial assistance would allow NYC a quicker, less painful economic recovery.
Get Professional Legal Help with NYC Real Estate Concerns
If you're worried about mortgage default on your New York property, speak to an experienced NYC real estate lawyer. Call (347) 389-1682 to speak to our team at the office of Melvin Monachan, Attorney at Law, or contact us online.