Real Estate News

The NYC Suburban Contract Activity Woke Up Faster Than Manhattan

8/7/20 by Jonathan Miller Housing Notes

The New York regional market (with newly added Westchester County, Fairfield County and Greenwich, CT has been especially interesting for two reasons:

Suburban sales are surging around Manhattan while Manhattan still falls short by half of year-ago levels.
The broader high-end (plus luxury) suburban markets have been outperforming the starter market based on year over year growth of new signed contracts.
Its Manhattan that is showing weakness relative to the suburbs, not the overall city. Brooklyn new sign contracts for co-ops and condo are up YOY by nearly a third and townhouses are up by more than double.
Manhattan lags because it has the most wealth and mobility of all the boroughs and a reported 40% of Manhattanites exited in March/April when the lockdown began.

This is the unique opportunity to enter the high-priced Manhattan market if being in the city is your long-term goal. (said by Anne Chang)

纽约郊区合同活动比曼哈顿醒得快

8/7/20 by Jonathan Miller Housing Notes

纽约区域市场（新增加的Westchester County, Fairfield County and Greenwich, CT特别有趣，原因有二：

曼哈顿的郊区销售激增，而曼哈顿的销售水平仍低于去年的一半水平。
根据新签合同的年数增长，更广泛的高端（加上奢侈品）郊区市场的表现一直优于基本市场。
曼哈顿相对于郊区，表现出弱点，而不是整个城市。布鲁克林新签约的合作社和公寓合同同比增加近三分之一，联排别墅的涨幅超过一倍。
曼哈顿之所以落后，是因为它拥有所有行政区中财富最多、流动性最大的地区，据报道，40%的曼哈顿人于3月/4月开始封锁时退出。

这是进入曼哈顿高价市场的独特机会，如果在这个城市是你的长期目标。（by Anne）

New COVID-19 Nonpayment Proceeding Law

Article by REBNY on 7/2/20

On June 30, Governor Cuomo signed the Tenant Safe Harbor Act (S8192B/A10290B), establishing procedures for non-payment proceedings for residential tenants who can demonstrate financial hardship due to the Coronavirus pandemic. This legislation prohibits the eviction of residential tenants for non-payment of rent who have suffered financial hardship during the COVID-19 covered period. The covered period would cover from March 7 until the date various governmental restrictions outlined in prior Executive Orders are lifted.

The legislation states that a tenant would need to assert financial hardship as a defense to the non-payment proceeding. A landlord may still receive a monetary judgment against any tenant for any rent not paid during this period. This law does not allow a tenant who willfully withholds rent or who has not faced a financial hardship during the covered period from facing appropriate legal action.

The factors a Court may look at, among others, in determining if the defense is established are: (i) the tenant's income prior to the covered period, (ii) the tenant's income during the covered period, (iii) the tenant's liquid assets and (iv) the tenant's eligibility for and receipt of cash assistance, supplemental nutrition assistance, supplemental security income, the New York State disability program, the home energy assistance program, or unemployment insurance or benefits under state or federal law.

Although this bill is an attempt to address rent relief for the timeline covering the COVID-19 pandemic, it does not adequately address any recovery plan for the thousands of building owners across New York. Additionally, this continues to greatly extend the economic hardship of owners for the foreseeable future as they continue to struggle with operation and maintenance costs while providing shelter for millions of New York residents.

新的COVID-19不付款程式法

6月30日,庫莫州長簽署了《租戶安全港法》(S8192B/A10290B),為因冠狀病毒大流行而可能證明經濟困難的住宅租戶制定了不付款程式。這項立法禁止驅逐在COVID-19所涉期間經濟困難的不支付租金的住宅租戶。所涉期間從3月7日到取消以前行政命令中列出的各種政府限制之日。

立法規定,房客需要主張經濟困難,作為不付款程序的辯護。房東仍可收到針對任何租戶的金錢判決,以補償在此期間未支付的任何租金。該法不允許沒有遇到經濟困難的房客故意扣留租金或在所涉期間面臨適當的法律訴訟。

法院在確定辯護是否成立時可考慮的因素包括:(一) 承租人在涵蓋期間前的收入,(二) 承租人在涵蓋期間內的收入,(三) 承租人流動資產,(四) 租戶有資格獲得和接受現金援助、補充營養援助、補充保障收入、紐約州殘疾方案,家庭能源援助計劃,或失業保險或根據州或聯邦法律的福利。

雖然這項法案試圖解決COVID-19大流行時程表的租金減免問題,但它沒有充分解決紐約數千名業主的任何恢復計劃。此外,這繼續大大延長了業主在可預見的未來經濟困難,因為他們繼續為經營和維護費用而掙扎,同時為數百萬紐約居民提供住所。