Bill De Blasio’s Plan To Defer Rent For A Year Is Insane
New York City mayor Bill de Blasio slipped on his bad idea jeans again on Thursday in a tweet saying that all New Yorkers who need it should have their rent deferred for 12 months. It is an idea he floated in mid-April, but his nemesis Gov. Andrew Cuomo swatted it down and everyone kind of hoped de Blasio would forget about it. Apparently he hasn’t.
Now’s the time to go even further. Tenants are hurting. We need to let every New Yorker who needs it to be able to defer rent payments for up to 12 months.
— Mayor Bill de Blasio (@NYCMayor) May 7, 2020
There are so many reasons why this is an insane idea that it’s hard to know where to start. But how about with this question, what happens in 12 months when a year’s rent comes due at once? The average New Yorker would be looking a final bill of well over $20,000, what are they supposed to do? Get some scratch off tickets and hope for the best?
It is exceedingly likely that many, if not most of those who choose deferment would not be able to pay it all back at once in addition to new rent charges. So how will this work? Will we see mass evictions as the “beneficiaries” of this program run out of time? Will a city that is already billions in debt find some way to bail them out? How?
But of course it’s not just the renters who suffer under this ludicrous plan of action. Landlords, many of whom have mortgages, will have no revenue to pay those mortgages, or maintain upkeep on the property. Will banks forgo foreclosures waiting for landlords to recoup the lost rent from tenants who probably can’t pay it? This
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