JohnDillworth
Posts: 3100
Joined: 3/19/2009 Status: offline
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quote:
Probably cannot 'start' the eviction process till then, and in NY it takes about about a year for the process to work through the system. Most people will do what they can to 'be fair', but sadly some will take advantage of the situation if my experience is any guideline..... The landlords will get to keep the one month security deposit but I doubt the back rent will be forgiven or paid for. The owners of those buildings pay property tax, water and sewer charges ect, and in many cases, the mortgage on the building. So if they don't get their rent paid they cant pay the city and the bank. There will be no free rent and no forgiveness. So if people can't pay, they will be evicted. In the short run, rents will drop but there will be no problem filling up vacant apartments. It is, after all NYC. Finance, retail, health care, education, professional services remain and will restart. Tourism is another big business and that will come back too. It will just take a bit longer. NYC is about 5-7 billion in the hole. That's bad. NYC has to balance it's budget each year. That's the law. So, lots of pain to balance the budget this year and next. Particularly with the battered tax base. The good news? The balanced budget amendment. NYC started the year with no debt so there is no previous hole to dig out of. So if any tells you that they don't want to pay for years of bad decisions they don't know what they hell they are talking about. The budget balances each year. Lately, there has been a surplus. The state is a slightly different story but NY pays much more to the Federal Government than it revives back. In the long run NYC will be fine, but there will be a few rough years ahead. I may well be one of the casualties of those bad times but I was going to retire in a couple of years anyway. I have a good civil service title and all the protections that affords so they would have to cut pretty deep to get to me but who knows. We have never been here before in my time
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Today I come bearing an olive branch in one hand, and the freedom fighter's gun in the other. Do not let the olive branch fall from my hand. I repeat, do not let the olive branch fall from my hand. - Yasser Arafat Speech to UN General Assembly
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