New York City Landlords Go Into A Panic As 25% Of NYC Renters Didn’t Pay June Rent
New York City landlords are worried. The future looks bleak as nearly 25% of New York City renters have yet to make June rent payments.
The Community Housing Improvement Program represents the owners of 400,000 small rent-stabilized units which equals 3 million units. The group claims nearly a fifth of those surveyed reported rent collections less than 60% of normal.
CHIP is calling for a “massive federally-funded bailout” for renters. They believe this will mitigate the devastating impact of the rent shortfalls.
Mac Properties Tells Tenants Affected By COVID-19, “PAY UP OR GET THE EFF OUT!”
Mac Properties is using heavy-handed tactics in Chicago during the pandemic to ensure renters pay up. The company owned by Antheus Capital also got creative with doing evictions. The company decided to do themselves after the Cook County Sheriff stopped serving them on tenants.
Mac Properties is one of the few landlords still proceeding with evictions. The property management arm of Antheus Capital owns 5,000 units across Chicago.
Mac Properties is beginning to anger tenants by demanding they sign nondisclosure agreements before discussing rent-payment plans. Despite the pandemic, Mac has not granted rent forgiveness. Instead, it has outlined a policy that includes allowing residents to pursue “a path to lease termination” or to move into a cheaper unit.
Court records show the company filed two eviction claims in recent weeks in addition to the nine it sent in March. The April evictions were for tenant bad behavior and the March notices were for nonpayment.