10 Must Reads for the CRE Industry Today (Jan. 15, 2021) New York City apartment renters now owe more than $1 billion in missed rent payments, reports the Wall Street Journal. The Real Deal looks at what appraisal reductions mean for CMBS loans. These are among today’s must reads from around the commercial real estate industry.
New York City Renters Owe More Than $1 Billion in Unpaid Rent, Survey Finds“New York City apartment tenants are more than $1 billion in debt from missed rent payments during the coronavirus pandemic, according to a new survey measuring the depth of the rent crisis brought on by Covid-19. The debt figure is the most recent indicator that unemployment benefits and federal stimulus packages have so far been inadequate to alleviate the growing financial burden of missed rent payments across thousands of city households. Both landlord and tenant advocacy groups have lobbied heavily for more government rental assistance during the pandemic.” (