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CHIP: Vacancies, Late Payments Weigh on Rent-Stabilized Landlords
Even as rent delinquencies declined from 25% to 18%, vacancies in residential buildings have doubled to 8% since February, Crain’s New York Business reported, citing a report from Community Housing Improvement Program. At least 15% of renters are more than one month behind on their payments, the report said—about 300,000 units if applied to the entire city.
“This is no time to take a victory lap,” CHIP executive director Jay Martin told Crain’s. “Tens of thousands of New Yorkers are struggling to pay their rent, and that means the owners of hundreds of apartment buildings are in financial distress.”
Many tenants have fled the city, leaving landlords with scores of empty apartments, Crain’s reported. The spike in vacancies, roughly 200,000 units, adds another layer of concern for rent-stabilized units, the report said. The vacancies are more likely to have occurred in expensive units, which help subsidize the rent-stabilized ones.
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