In addition to the numbers franky1 posted, how many people are not paying because they don't have to?
No evictions, no penalties, etc. So you stick the money into a savings account and then sit on it making some interest till you have to pay.
And if something else bad does happen, then you have the money in the bank. Because you know the landlord isn't going to give it back.
-Dave
That is easy to say on paper but when it comes to reality, I think it will be different, think about the landlord's perspective, they need the rent paid because some of them are only relying on the rent as a source of income. The real problem is that the real estate bubble in USA is so big but any way to pop it does not seem to work because greedy real estate capitalist are benefiting from this crisis that might replicate the same crisis back in 2008, if the prices of land is lowered then the prices of rent will also lower but that seems impossible so we have to look for another solution and the best one is to increase the minimum wage with lower hours for labor but that is also impossible because lobbying is a business in USA. One thing is for sure though, the poor people in USA will be the one that will get hit the most and the middle class will replace those poor people sooner than ever.
Depends, remember the landlords get to kick most of their bills down the road too.
Mortgage, gas, electric and other collections have all been suspended in NYC. So if you are a one person one or 2 property place then you might be hurting a little if you did no financial planning and did not have a savings long enough to ride this out. I'm not talking some random person here. I'm talking someone who had enough cash and or credit to buy a place or 2 in NYC. So not poor, not by a long shot. This is NYC, it's kill or be killed in business. If you can't stand the heat stay out of the kitchen, whatever pick you metaphor. If you bought a place and did not plan on not being able to collect rent for a while while having to carry a property or 2 you are not a shark you are chum.
If it's a company that owns buildings and such. They can also get PPP and other loans to keep going and they also are not required to pay they mortgages, etc.
There are a lot of things going wrong financially in a lot of places at them moment, not going to deny that at all. But a Billion or 2 in unpaid rent in NYC is not one of them.
-Dave