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| Topic | 25% of NYC apt renters haven't paid since March. Pushing city to breaking point. |
| MelbuFrahma4 07/09/20 12:43:32 AM #1: | https://www.bloomberg.com/news/articles/2020-07-08/coronavirus-moves-nyc-affordable-housing-crisis-to-breaking-point Two-thirds of New Yorkers rent their homes, making it Americas biggest rental market, and its 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 citys apartment renters havent paid since March, according to the Community Housing Improvement Program (CHIP), a group that represents mostly landlords of rent-stabilized buildings. 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 whove managed to stay current on their rent payments will no longer be able to. Its going to be a mess, says Jonas Shaende, chief economist at the Fiscal Policy Institute In New York and other densely packed cities, people who can work remotelypredominantly office workersare moving to the suburbs if they can afford it. But many renters cant. They include the poorest and most vulnerable people, particularly minorities and immigrants, documented and undocumented. Among them are also millennials with multiple roommates. So while the economic victims of Covid-19 cant be forced out of their homes, their indebtedness will grow month by month, potentially damaging their credit rating and their ability to find another landlord willing to take a chance on them. --- "We'll never see Day-Lewis and Kubrick, or Kurosawa and Eastwood, but we have seen Bale and Nolan, a cinematic dream pairing come to life!" ... Copied to Clipboard! |
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