MFI-Miami Blog

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. Read more   at MFI-Miami

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 ...