NY City Renters Owe More Than $1 Billion in Unpaid Rent – Real Estate Investing Today

The Wall Street Journal (reposted on Realtor.com) is reporting that renters in New York City owe in excess of $1 billion in unpaid rent during the Coronavirus pandemic, according to data from a recent survey.  The WSJ says this figure is the most recent indicator that unemployment benefits & federal stimulus packages have been inadequate to alleviate what they say is a growing financial burden.  Interestingly, they do point out that both landlord and tenant advocacy groups have lobbied heavily for more government rental assistance during the  pandemic.  Indeed…

“The Covid-19 relief package passed by Congress in December included $1.3 billion in pandemic rental assistance for New York state. It is still unclear how much of that will be made available for New York City, however, or how difficult it will be for tenants to meet eligibility requirements for the funds. State and city housing agencies are expected to roll out their distribution plans for the assistance in the coming weeks.”

Click here to read the full story at Realtor.com

Click here to read the full story at the WSJ.com.


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