Throughout 2020, a huge chunk of New York’s population fled and still has not returned. The rents are cheaper, the capacity restrictions are lifted, the restaurants and bars are open but there is still a lull. Unemployment is still high; if companies can work entirely remote why would they shell out New York rent? Will the value and revenue of the city be forever changed? How long will the grace period of cheaper rent go away?
Unfortunately, new rent increases are set to go into effect October 1, 2021 (Rent Guidelines Board) until September 2022. Many tenants are complaining because building maintenance and management are not up to par with these increases. Many blame the mayor, but many tenants are also convinced there is landlord greed. After months of not being able to hold tenants accountable they want their money. The relationship between tenant and landlord was already tumultuous in New York but once the economy tanks and incomes are affected, it’s a new ballgame.
There just aren’t enough resources and aid for struggling New Yorkers, and with the light at the end of the tunnel also comes the end of federal stimulus. Will the new higher tax revenue help aid the budget until the economy recovers?
Phillips-Fein, Kim. We Are Facing a Turning Point for New York City. The New York Times. Opinion. June 1, 2021. https://www.nytimes.com/2021/06/01/opinion/new-york-city-covid.html Department of New York City Rent Guidelines Board. Order 53. https://rentguidelinesboard.cityofnewyork.us/2021-22-apartment-loft-o