New York City’s Rent Crisis Continues to Get Worse

There is another pandemic-influenced disaster looming in New York. Proving that no good deed ever goes unpunished, Governor Andrew Cuomo’s protection of tenants from evictions is bankrupting landlords.

As renters struggle, thousands in New York City have not paid full rent for months. Others have simply pulled up stakes and fled the pandemic as well as New York’s rising crime and plunging quality of life.

At the vanguard of the renters’ exodus are young families leaving the Big Apple for the suburbs. The pandemic has motivated many parents with young children to seek cheaper rents and more spacious living quarters.

The pandemic has led many New York City residents to uproot their lives in search of more spacious living quarters or cheaper rent. City living with its crowded streets and packed crowds have given way to cabin fever and quarantine lockdowns.

So, landlords, with no income, are facing the country’s highest property bills. Their next nightmare could be tax-lien sales, where the city sells unpaid tax bills to collection agencies. Those predatory third parties can charge as much as 18 percent interest. Waves of foreclosures could follow as the New York state moratorium on tax-lien sales has expired. That puts both small landlords as well as homeowners in jeopardy.

The housing-market disaster of the 1980s could be repeated. Two years into Mayor Ed Koch’s term, New York landlords were unable to do the basic maintenance to keep their property in decent shape for new tenants. Abandoned and decaying buildings spread urban blight and the city had to take possession of vacant buildings, removing them from tax rolls and compounding the problem.

New York’s Rent Stabilization President made this dire prediction: “If the City Council doesn’t end tax liens…(the) housing crisis of the 1980s will pale in comparison.” No one will be spared. New York’s “property-tax base, the city’s top revenue producer, will come crumbling down.”

Landlords have tried to work with and make deals with stressed tenants. Many have offered concessions by reducing, forgoing and offering rent concessions. One SPONY.org survey showed that more relief for landlords is needed.

The most telling information from the survey was about “the struggles (landlords) are facing as small business leaders.” Again, in a system weighted against landlords, the liberal New York City Council passed city legislation limiting “without remedy, the ability for owners to request rental payments or pursue debts.”

Another telling comment was “I can’t get tenants to commit to lease renewals because they claim I can’t kick them out.”

Then there was this poignant complaint: “There is no support for small landlords who have to pay their mortgage and all the bills. I am concerned that if tenants stop paying, then I will lose my home which has all my retirement savings invested in it.”

One spokesperson for the New York State Homes & Community Renewal blamed the federal government.

“New York State, facing a $62 billion, four-year revenue loss due entirely to the pandemic, has been calling on the federal government to deliver funding to offset these losses and despite promises, they’ve done nothing. New Yorkers need the federal government to act responsibly and deliver the resources we need to support them.”

As the blame game continues and Nancy Pelosi’s political posturing over a new relief package persists, neither renters, landlords, nor strapped tax-and-spend New York politicians should expect another bailout anytime soon.

5 thoughts on “New York City’s Rent Crisis Continues to Get Worse”

  1. ANYTHING A DEMO-COMMIE GOVERNOR OR SENATOR OR REPRESENTATIVE SAYS IS WORTHLESS, AFTER THE LAST FOUR YEARS OF LYING CHEATING AND NOW THE ILLEGAL VOTING INCLUDING ILLEGAL ALIEN VOTING OF 12-14 MILLION MOTOR VOTER VOTING WHY WOULD ANY INTELLIGENT AMERICAN CITIZEN LISTEN !!! THE NEW COMMUNIST PARTY SHOULD GO AWAY AND LIVE IN CHINA WHERE ALL GOOD ANTI-AMERICAN COMMUNISTS SHOULD LIVE AND TAKE THE HOLLYWOOD SCUM WITH YOU !!! YOU DON’T DESERVE TO LIVE IN MY COUNTRY, YOU HAVE DESTROYED A ONCE GOOD PARTY OF JOHN F KENNEDY WHO IS TURNING OVER IN HIS GRAVE WATCHING THE MUSLIMS, COMMUNISTS, SOCIALISTS HAND IN HAND DESTROYING OUR CONSTITUTION, BILL OF RIGHTS AND BORDERS ALL AT THE EXPENSE OF THE AMERICAN PEOPLE !!! YES KARL MARX IS PROUD OF YOU WORTHLESS BASTARDS AND PUTIN AND CHINA ARE WAITING WITH OPEN ARMS FOR A BIDEN WIN !!! THANKS TO THE IGNORANT WORTHLESS UNINFORMED DEMO-RAT VOTER !! VIETNAM VET 67-68

    1. P.S. BIDEN SAYS HE WON’T RAISE YOUR TAXES ON THE POOR AND MIDDLE CLASS !!!!!! REALLY, WHAT DO YOU THINK WILL HAPPEN WHEN HE VETO’S THE TRUMP TAX BREAK, WHAT WILL HAPPEN WHEN HE STOPS FRACKING AND WE START IMPORTING OIL AGAIN, AT LEAST $1 TO $3 DOLLARS A GALLON INCREASE, WHAT WILL HAPPEN WHEN TIRES FOR YOU CAR GO UP BECAUSE EACH TIRE MADE CONSUMES 7 GALLONS OF OIL TO MAKE THEM, WHAT HAPPENS WHEN THERE IS NO GAS TO FILL YOUR CAR YOU WILL NEED AN ELECTRIC CAR, I CAN’T AFFORD ONE, HOW ABOUT THE 6,000 PRODUCTS THAT ARE MADE WITH OIL, WHAT HAPPENS TO YOUR UTILITY BILL WHEN ELECTRICITY PRODUCED BY WIND AT A NEGATIVE COST OF ELECTRICITY VS PRODUCTION AND SOLAR WHICH PRODUCES ELECTRICITY AT A 85%TO 95% LOSS OF SUN POWER AND ONLY WORKS WHEN THE SUN IS BRIGHT AND AT THE RIGHT ANGLE. WHAT HAPPENS WHEN BIDEN, KAMALLA, PELOSI, SCHUMER OPEN THE BORDERS AND LET ANYONE AND EVERYONE INTO OUR COUNTRY AND WE HAVE TO PAY FOR THEM , TAXES , BIDEN ALREADY SAID HE WOULD RAISE TAXES $4 TRILLION AQND HE SAYS IT WON’T AFFECT YOU, ARE YOU KIDDING !!! I HAVE THE GOLDEN GATE BRIDGE I COULD SELL YOU CHEAP !!!!! HOW IS BIDEN GOING TO PAY FOR ALL THIS FREE EVERYTHING AND DEBT FORGIVENESS , FREE IS TOO EXPENSIVE AND BIDEN HAVE THE WORLDS LARGEST CRACK PIPE HE HAS BEEN PUFFING ON IN HIS DUNGEON !! YOU IGNORANT DEMO-RAT VOTERS JUST GAVE AWAY THE ONCE GREATEST COUNTRY IN THE WORLD AND WE WILL BE A THIRD WORLD COUNTRY IN TWO YEARS WITH KAMALA AS PRESIDENT AND PELOSI AS VICE PRESIDENT BECAUSE BIDEN IS SENILE AND WILL BE DECLARED UNFIT TO BE PRESIDENT AND REMOVED !!!

      1. WE ARE SCREWED !! It is difficult to believe that so many people could be so stupid..But then, when I look at the casino’s ,the MANY lotteries that rely on the “get rich quick” crowd, it becomes ever more clear that there is a fool born every second ! Too bad they had to be born here ! I know people who have actually gone broke gambling.. Well, I am (thankfully) 80 years (young) and may not have to deal with communism for very long..But, I would like to be around long enough to see the looks on all those morons who thought Trump was “bad”.. I can hardly wait !

  2. Let NYC go BANKRUPT . . . They SQUANDERED it and the GOT what they DESERVED. One WARY And SUSPICIOUS Patriot. Team Trump and his allies 2020.

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