“Then why didn’t the city or state guarantee stepping in, in the event of a default?" asked Marquis Jenkins, a longtime resident of NYCHA’s Bracetti Plaza in the East Village and a founding member of Residents to Preserve Public Housing.
Small businesses often given cheaper rents for the first year of a lease as an incentive, but then “it doubles in year two because the landlord is trying to make up what they lost during Covid.”
In January 2021, in response to advocacy the Abolish the NYC Tax Lien Sale Coalition, the NYC City Council passed legislation charting the course for ending New York City’s tax lien sale (Local Law 24 of 2021).
The City has the legal authority to suspend rents for commercial tenants impacted by the pandemic and stabilize commercial rents in the long term. By Paula Z. Segal, Cheryl Walker and Catherine Humphreville May 15, 2020 Having reduced her restaurant to
The Al-Muneer Foundation had its applications for exemptions repeatedly denied and had to fight back foreclosure. For nonprofits with city contracts, like the Mary Mitchell Family and Youth Center, difficulties with exemptions and debt can jeopardize their funding.