The Predicted Demise of Big City Living
The COVID-19 pandemic caused many people to move out of big cities such as New York City and led to one comedy club owner claiming that “New York City is Dead Forever.” Employees started to work more from home, companies moved out of their office spaces, and space was readily available. Landlords were offering all kinds of lease specials to entice people back into the city. That downturn has officially turned around as New York City was recently named the most expensive rental market, with the average rate of a 1-bedroom apartment being $2,950 per month.
How Cities Have Rebounded
NYC has led a big city revival that has seen new business openings and the return of downtown living. Over 40 new restaurants opened for business in August alone, according to eater.com. While it was feared that people who left would never return, trends have shown that people didn't move far, usually into neighboring counties and cities. It seems that much of these moves have been temporary, as many have found their way back to the big city.
How Does This Affect Me?
As people start to move back to Manhattan and New York City to live and work, it is important to understand that New York is still not immune from real estate evictions and foreclosures. Now that the eviction moratorium has ended, thousands of New Yorkers still face the potential of losing their homes to eviction. Anyone facing eviction or foreclosure may be eligible for emergency rental assistance from a $2.4 billion fund recently launched by the state of New York. New York state started to accept applications for assistance from this fund on June 1, 2021. If you are facing eviction, foreclosure, or have other questions related to real estate in New York, then call us so we can help!
Get Professional Assistance
To schedule a consultation with an experienced attorney at The Law Offices of Melvin Monachan, call us at (347) 389-1682 or contact us online.