NYC’s biggest landlords pledge to halt evictions for three months

The move comes just hours after the state announced a one-week moratorium on evictions in New York City

New York /
Mar.March 13, 2020 04:15 PM
REBNY president James Whelan (Credit: Whelan by Evan Gutierrez)

REBNY president James Whelan (Credit: Whelan by Evan Gutierrez)

 

The Real Estate Board of New York announced on Friday that more than two dozen of its members, who own 150,000 rental apartments, have pledged to hold off on evictions for the next three months in response to the coronavirus.

“No one knows how long this pandemic is going to take to play out,” REBNY president James Whelan said. “Our best guess, in terms of seeing this through, was to look at a 90-day time period.”

Starting immediately, the members will not execute any warrant of eviction for three months with the exception of criminal or negligent behavior that jeopardizes the life, health or safety of other residents, according to a letter released by REBNY.

“With all the stress, health risk and economic suffering going on now, no one should have to worry about losing their place to live during this crisis,” REBNY said in a statement.

The letter was signed by a who’s who of New York City real estate, including A&E Real Estate’s Douglas Eisenberg, Richard LeFrak, Related Companies’ Jeff Blau, Brookfield Property Group’s Ric Clark, RXR Realty’s Scott Rechler, Taconic Partners’ Paul Pariser and Charles Bendit, Blackstone’s Ken Caplan and Kathleen McCarthy and others.

The move comes just hours after the state announced a one-week moratorium on evictions in New York City, to begin Monday, after calls to do so erupted across the nation.

The leading real estate trade group’s announcement also coincided with a push from more than 100 other organizations across the city, spearheaded by the tenant advocacy group Right to Counsel NYC Coalition, which sent a letter to mayor Bill de Blasio, urging him to close the city’s housing courts during the coronavirus pandemic.

But REBNY’s stance goes against a recent statement from the Community Housing Improvement Program, another trade association that represents smaller landlords. The group voiced concerns over the financial impact of a moratorium on evictions.

A spokesperson for CHIP declined to comment.


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Some landlords say they plan to close the door to vacant apartments and wait for the laws to change (Credit: iStock)
Creative ways NYC landlords are getting around the new rent rules
Creative ways NYC landlords are getting around the new rent rules
CHIP executive director Jay Martin (LinkedIn, iStock / Photo illustration by Priyanka Modi)
Landlords called it: Vacancy rate jumps, rent-stabilization stays
Landlords called it: Vacancy rate jumps, rent-stabilization stays
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
Office occupancy hits pandemic high
Office occupancy hits pandemic high
(iStock/Illustration by Steven Dilakian for The Real Deal)
Jobs report brings good news for real estate
Jobs report brings good news for real estate
(iStock)
Leisure and hospitality gain ground as 2022 opens in hiring boom
Leisure and hospitality gain ground as 2022 opens in hiring boom
(iStock)
Canada’s biggest city has just 3,200 homes for sale, an all-time low
Canada’s biggest city has just 3,200 homes for sale, an all-time low
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...