Small New York Landlords Are Drowning In Debt Thanks To Andrew Cuomo
Small New York Landlords Are Drowning In Debt Thanks To Governor Andrew Cuomo’s COVID-19 Landlord-Tenant Policies
Small New York landlords are in big trouble. They are hemorrhaging money thanks in part to Governor Andrew Cuomo. Cuomo signed an eviction moratorium as part of his executive order combating COVID-19.
The executive order bars New York landlords from evicting people for non-payment of rent until August. As a result, landlords are paying for maintenance and repairs out of their own pocket. Now, landlords are running out of money like everything else.
Not all landlords are high-powered real-estate executives who manage hundreds of buildings. Most are smaller landlords. They own one or a handful of properties. Smaller landlords operate on slim margins. They lack the cash reserves or access to credit to weather a prolonged economic pause from the COVID-19 pandemic.
Small landlords often barely eeked out a profit. Most small landlords have the costs that include mortgage, taxes, and utilities. These costs can be as much as $6,000 per month depending on the time of year.
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