From the NYT:
One in five New York City tenants did not pay rent in September, by one estimate, and there is growing concern of “an eviction tsunami.”
As apartment vacancies climb, sale prices and rents are falling, but nowhere near the magnitude needed to compensate for scarce affordable housing options.
And while the flight of affluent residents to the suburbs appears to be overstated, major companies are downsizing and fewer people are commuting, setting the stage for a new reckoning over personal and business priorities.
Real estate is everyone’s business in New York City. The industry generated nearly $32 billion in taxes last year, 53 percent of the city’s tax revenue, and it employed more than 275,000 people, according to the Real Estate Board of New York and labor statistics. An inveterate source of obsession, envy and frustration, real estate colors the aspirations and agendas of countless people, companies and policymakers.