“It’s Going To Be A Mess” – Quarter of NYC Renters Haven’t Paid Since March
Many landlords are probably just hanging on at this point. Every investment involves risk, but a covid-like risk was one almost no one considered. The preppers did, but they don’t tend to invest in multi-family rentals.
And the problem gets worse, that is, because when rental income for landlords collapses, they will experience financial hardships as well, including servicing mortgage payments and inability to cover other building-related expenses (if those are fixed or variable costs).
Another issue developing is the fiscal cliff – and we’ve noted, direct payments to Americans now make up 25% of all personal income, suggesting when the stimulus runs out, expected at the end of July, the economy/consumption will crater.
This article was originally posted here: https://www.ac2news.com/2020/07/its-going-to-be-a-mess-quarter-of-nyc-renters-havent-paid-since-march/.