Unpaid property taxes in New York City are soaring as homeowners struggle and the pandemic recession slashes the rents landlords are collecting from both commercial and residential tenants, The City reports. The property tax arrears rose to $1.3 billion in February – 4.5% of the almost $30 billion due, according to figures released by city Comptroller Scott Stringer.
The Big Apple’s lobbying industry proved to be nearly pandemic-proof last year despite the COVID-19 outbreak that ravaged New York City, new records show.
"We have been warning about the inevitability of this since the start of the cancel-rent movement," said Jay Martin of Community Housing.
The pandemic has been an equal opportunity scourge, ravaging the financial health of cities around the U.S., but none has suffered more than New York.
On this episode, we’re talking hotels and hospitality with Vijay Dandapani, the CEO of the Hotel Association of New York City. He said the industry is “devastated” by the crisis — about 200 hotels are closed right now — and some of those won’t ever open again.
Hotel owners and operators are allowing themselves some moments of optimism as hopeful headlines about infection rates and vaccinations suggest a return to travel in the months ahead. But the damage is already done, and some hotels could take years to recover — if they manage to reopen at all.
New York City mayoral candidate Andrew Yang believes the city should be repurposing more underused hotels as places for homeless New Yorkers to reside.
Unpaid property taxes in New York City are soaring as homeowners struggle and the pandemic recession slashes the rents landlords are collecting from both commercial and residential tenants.
They want to check in — for a vaccine.
The spate of recent changes reaffirms the city's comeback is on. In the past few days we've seen added restaurant capacity, extended closing times, and the return of movies, amusement parks, weddings, and catered events. We've also seen COVID positive rates plummet and hospitalizations remain low. A major bump in vaccines is on its way.