How Can Landlords Get Relief if Their Tenants Can’t Pay?
As renters lose jobs and the economy remains dormant, landlords face tough choices and few options.
Q: I own a small Brooklyn apartment building with two residential units and a ground-floor commercial space. The business is temporarily closed because of the coronavirus shutdown, and both tenants have lost their jobs and are unable to pay rent. I don’t have a mortgage on the property, but I have to pay property taxes in July and utilities to maintain the building. I understand that these are terrible times and agree that tenants should get rent relief. But what are landlords to do?
A: In April, as many as 40 percent of New Yorkers were unable to pay their rent. Landlord and tenant groups expect May to be worse, as scores of New Yorkers continue to lose their jobs and businesses remain closed. For now, the relief for tenants and landlords is limited. Evictions are halted until mid-June, but your tenants are still responsible for their rent, and as a landlord, you are still responsible for your bills.
Read more via NY Times here.