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NYC Apartment Landlords Seek Federal Help

New York City’s multifamily landlords say they need federal help to avoid a devastating blow to the housing system from the economic fallout of the COVID-19 pandemic.

However, they’re seemingly left out in the cold by Small Business Administration lending guidelines that specifically preclude real estate rental businesses. Those guidelines are followed by the $350-billion Paycheck Protection Program enacted last month.

“The guidelines predate COVID-19 and the PPP, but unfortunately the SBA has said those rules determine whether you are eligible,” Anchin’s Marc Wieder told Crain’s New York Business.

Brooklyn landlord Christopher Athineos told Crain’s he has applied for a loan through the PPP, hoping the SBA will eventually clarify the guidelines.

“If tenants can pay the rent, owners can pay the property tax, and the city will have revenue for police, firemen, hospitals,” Athineos said. “But we will need the federal government. We are all in dire need.”

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Inside The Story

Read more at Crain’s New YorkConnect With Anchin's Wieder

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).