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.
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Long Island Strip Club Owner Sues New York Governor Andrew Cuomo And SBA Over Covid-19 Restrictions
Long Island strip club owner Sean McCarthy has owned Blush Gentleman’s Club in Commack since 1997.
McCarthy claims New York State stripped of his constitutional rights. Now he has filed a federal lawsuit against Cuomo and the state of New York. The target of his wrath is New York Governor Andrew Cuomo.
The Long Island strip club owner filed suit against Cuomo over his executive orders shuttering non-essential businesses amid the pandemic.
McCarthy’s attorney, Joe Murray told the New York Post:
The issue first arose when Samaritan’s Purse was setting up its emergency field hospital. The charity’s comptroller noticed that NYS law requires anyone working in the state for more than 14 days to pay income tax.
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.
New York State Orders Mortgage Servicers To Give 90-Day COVID-19 Mortgage Relief To New York Homeowners
Governor Andrew Cuomo and New York State orders lenders and mortgage servicers to step up their mortgage relief efforts. The New York Department of Financial Services demanded servicers let certain residents skip their mortgage payments for 90 days.
Cuomo announced the statewide 90-day mortgage relief period on Thursday.
NYDFSis directing mortgage servicers to offer several options to the state’s residents:
Waiving mortgage payments based on financial hardship
No negative reporting to credit bureaus
Grace period for loan modification
No late payment fees or online payment fees
Postponing or suspending foreclosures
NYDFS also sent letters to the mortgage servicers that operate in the state: