Crain’s New York Business: City hotel owners, council members plead for tax relief for decimated industry
A coalition of hotels and City Council members is asking Mayor Bill de Blasio to suspend the 18% interest rate that hotels will be charged for late property tax payments.
WABC Radio: Cats at Night with John Catsimatidis – Vijay Dandapani Interview March 10, 2021 President and CEO of the Hotel Association of New York City, Vijay Dandapani joins
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.
Crain’s New York Business: OPINION: Providing a safe and clean city would be a good start to bringing tourists back
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.