NYC Tenants More Than $ 1B Behind on Rent, Landlords Say


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CHIP CEO Jay Martin (iStock)

CHIP CEO Jay Martin (iStock)

Pressure is rising on tenants in New York City.

According to a new survey from the Community Housing Improvement Program, tenants in rent-stabilized apartments are lagging behind rent by more than $ 1 billion. This number represents approximately 185,000 households that owe rent for more than two months – an average of $ 6,000.

The survey, first published by the Wall Street Journal, focused on rent-regulated buildings – about half the total number of rental units in the city.

Jay Martin, chief executive of CHIP, said that given the city’s roughly 1 million market rent, the tenants’ rental debt would likely be $ 2 billion.

“It’s not an unbeatable amount,” Martin told the newspaper. “The numbers tell us that if we could get another $ 1 billion or $ 2 billion in the city, we could probably pay off all the arrears of tenants across the city of New York in the last year of the crisis.”

Washington and Albany provided some rent assistance during the pandemic. The latest federal aid package includes $ 1.3 billion in nationwide rental assistance. The incoming Biden administration has said it will pursue another stimulus package.

Landlords are prohibited from evicting tenants until May until the state moratorium on eviction. Advocates for landlords and tenants are calling for more financial support.

[WSJ] – Sylvia Varnham O’Regan


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