07/11/2020 (Sat) 17:31:55
But it’s the rental market that’s the real problem — uniquely so for New York City, about two-thirds of whose residents rent, far above the national average.
It doesn’t help that City Hall seems clueless, even insisting on a harsh 18 percent charge on late property-tax payments. Nor does it realize how badly that revenue source could be hit for years to come.
Some neighborhoods risk a repeat of the 1970s, when landlords walked away from their buildings as rent rolls didn’t meet expenses — and a few resorted to arson.