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During the pandemic New York City renters failed to pay more than $1 billion in rent, according to a survey conducted by the landlord trade group CHIP.
The organization has conducted a survey and examined the impact of the coronavirus crisis on the city's rental market, especially on buildings subject to city rent regulation laws. It turned out that about 185,000 families living in these apartments have not paid rent for more than two months, the average debt per household exceeds $6,000, according to the publication MPA.
According to CHIP, apartments that fall under the rent regulation act account for about half of the total number of rented housing. According to CHIP executive director Jay Martin, the debt of the rest of the tenants is the same, if not more. That means renters in New York City probably owe homeowners more than $2 billion.
New York State received $1.3 billion in rental assistance in December 2020 as part of a stimulus package from the government. Although it is still unclear how much money the city of New York will receive, as well as how difficult it will be for tenants to meet the selection criteria.
In December, the current program rejected more than half of tenants' requests for rate cuts, leaving $60 million unspent. The governor Andrew Cuomo signed an executive order expanding eligibility and extending the application deadline.
