Connect with us

Politics

Rent regulated tenants fall behind

Kingsborough Houses (Credit: NYCHA)

Almost 200,000 of New York City’s rent-regulated tenants are more than two months behind on rent payments and owe about $1.1 billion, according to CHIP. The survey also found that roughly 50,000 tenants are more than $15,000 in arrears.

  • Backdrop: At a time when the national unemployment rate has come down from the pandemic peak of 14.7% to the current 6.7%, Fed economists estimate the jobless rate for the lowest quartile of earners is “likely above 20%.” 
  • Unemployment benefits are inadequate: 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 NYC and 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, WSJ noted.
  • Eviction is no longer an option: Landlords bear the brunt of missed rent payments, as some have fallen behind on their mortgages and other obligations.[WSJ+Crain’s+CNBC]

Continue Reading

Trending

Recent

To Top