Unpaid Rent Is Still Piling Up, Threatening The Future Of NYC’s Affordable Housing

Date: May 23, 2024

Publication: Bisnow

Despite nearly $3.5B in rental assistance being doled out in the last four years and an economy that has more than recovered all of the lost jobs from the pandemic, tenants in New York City’s affordable housing units are still not paying their rent at nearly the same levels as they once did.

Landlords of subsidized housing are owed more than $100M in unpaid rent, according to a recent study. When adding in the rising cost of insurance, maintenance costs and labor, owners and operators of the most-needed residential properties say the rent shortfall is likely to cause the housing crisis to worsen if not addressed quickly.

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