One Billion Dollars

New York City renters are more than $1 billion in debt from missed rent payments according to a new survey measuring the depth of the rent crisis brought on by Covid-19 (Wall Street Journal)

The survey, conducted by the Community Housing Improvement Program, a landlord trade group, focused on New York buildings subject to the city’s rent-regulation laws. These apartments account for about half of the city’s total rental apartments. Tallying responses from landlords, the group estimated that as many as 185,000 households living in these apartments are more than two months behind on rent, with an average debt of more than $6,000.