New York’s real estate market has made a dramatic comeback in 2021 | Local News

New York’s real estate market has made a dramatic comeback in 2021

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As of mid-November, New York State’s more than $ 2 billion Emergency Rental Assistance Program has helped about 166,000 households pay their outstanding rents; the governor asked for nearly $ 1 billion more, which could help an additional 72,000 applicants, said Barika Williams, executive director of the Association for Neighborhood and Housing Development, a non-profit housing coalition.

But there are at least 120,506 applications that have not been approved, and as of mid-October, more than 590,000 households statewide had not paid their rent and had little confidence in their ability to stay. up to date, she said.

The risk disproportionately hangs over black and Latino tenants in parts of the Bronx, Staten Island and Queens, which are home to many of the essential workers who remain vulnerable during the pandemic. A March study found that homeowners sought evictions four times more often in neighborhoods with the highest Covid-19 death rates.

Longtime tenant Yoselyn Gomez in the Concourse section of the Bronx has been unable to pay rent of $ 1,616 for his two-bedroom apartment since the start of the pandemic; she lost her customer service job shortly before the pandemic and caught the virus in April 2020. After asking for emergency help in June, she recently received a notice that part of her back rent will be covered , but even with her new job – a temporary retail position at a department store – she said she wouldn’t be able to keep up to date.

“It’s still not over,” Ms. Gomez said in Spanish, through a translator from CASA, a tenant advocacy group of which she is a member.

Pablo Estupiñan, the group’s director, is lobbying the state to double the next tranche of rent assistance to $ 2 billion, and to extend the pause on evictions. The community neighborhood where many of its members reside, including High Bridge and Concourse in the Bronx, is among the city’s poorest, with a median household income of around $ 32,000.

Unlike the so-called exodus of mostly well-off tenants at the start of the pandemic, the next wave of departures could be permanent.

“People moved here because they had no choice,” in terms of affordable housing, said Estupiñan. “If they can’t afford to live here, they won’t be able to stay in New York.

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