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

TRD 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
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
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”
Lexington Ave. on May 03, 2020 (Credit: Roy Rochlin/Getty Images)

NYC sees second week with no mid-market deals since onset of pandemic

NYC sees second week with no mid-market deals since onset of pandemic
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
(Illustration by Daniel Castro Maia)

Not your father’s distress: Down market could be opportunity of a lifetime or a big letdown

Not your father’s distress: Down market could be opportunity of a lifetime or a big letdown
A judge allowed Le Pain Quotidien to be released from 59 of its leases. (Getty, iStock)

Le Pain Quotidien freed from 59 leases in bankruptcy

Le Pain Quotidien freed from 59 leases in bankruptcy
The Centers for Disease Control released new guidelines for offices as they reopen amid the coronavirus. (Getty)

CDC recommendations would drastically alter offices

CDC recommendations would drastically alter offices
arrow_forward_ios

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

Loading...