David Howson, a New York City landlord is facing eviction as tenants living in his Harlem building are refusing to pay rent. He is out more than $40,000 in missed rent payments. New legislation being passed will delay the tenants being held responsible for rent – up until May 2021.
Selling the building is almost an impossible alternative. Potential buyers will be hit with rent stabilization rules and inherit the current nonpaying tenants.
The uncertainty we are facing is daunting. Contact GE Grace for expert insight into your real estate decisions. Call us at 646 312 6800 or email Grace@GEGrace.com.