The New York City housing market is in crisis as tenants are unable to pay their rent due to the coronavirus pandemic, according to a new report from Bloomberg Businessweek.
A quarter of the city's renters have not paid rent since March, the report said, citing information from the Community Housing Improvement Program, which represents landlords of rent-stabilized buildings.
As renters fail to pay, landlords are lacking funds to pay their own bills, so the city could see hundreds of millions of dollars in delinquent property tax payments, according to the Bloomberg report.
More than 735,000 households in New York City have lost income due to the pandemic, according to the Furman Center for Real Estate and Urban Policy. An estimated 526,000 of these households filed for unemployment insurance and one in four households now face eviction, according to the center.