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8:29 AM 7/11/2020 – M.N.: And now the Russian-Jewish Mafia will start buying up the NYC, and this was their plan from the beginning – see my earlier posts: “COVID-19 has broken NYC’s housing market” – from New York Post.
|Michael Novakhov – SharedNewsLinks|
|COVID-19 has broken NYC’s housing market|
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July 10, 2020 | 8:57pm
Market rents are actually falling in many areas of the city, and vacancy rates rising. Christopher Sadowski
Count the citys housing market as another casualty of the pandemic and the lockdown; the only real question is how deep the damage will go.
With roughly 700,000 renters thrown out of work and evictions banned for the interim, a full quarter of tenants have gone four months without paying rent, Bloomberg Businessweek reports. Theyre still on the hook for it, though often with no idea how they can ever pay.
And thats left many landlords unable to cover all their bills, such as the property-tax payments that were due July 1. But other bills for utilities, repairs, supers and other staff cant be postponed.
The Community Housing Improvement Program, a group representing mostly smaller landlords of rent-stabilized buildings, estimates that 20 percent of its members are in distress and may have to sell properties to stay afloat.
But itll be at fire-sale prices, since the crisis has exposed new risks to owning a city apartment building and to living in one: Market rents are actually falling in many areas, and vacancy rates rising.
Those who own their homes are mainly in better shape, though they may miss a mortgage payment or two: Its the nature of that market that they have more assets to get through tough times.
Still, some will have to refinance or sell completely at a time when those prices have dropped, too.
But its the rental market thats the real problem uniquely so for New York City, about two-thirds of whose residents rent, far above the national average.
It doesnt help that City Hall seems clueless, even insisting on a harsh 18 percent charge on late property-tax payments. Nor does it realize how badly that revenue source could be hit for years to come.
Some neighborhoods risk a repeat of the 1970s, when landlords walked away from their buildings as rent rolls didnt meet expenses and a few resorted to arson.
Michael Novakhov – SharedNewsLinks℠
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