Inside The Plight Of Smaller Landlords Amid Aid Delays And Eviction Moratoriums
Bisnow's podcast, Make Yourself At Home, hears from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes, Spotify and Amazon Music.
On this episode, we hear from Keith Gordon, the managing partner of NCV Capital Partners, a for-profit affordable housing developer and manager with hundreds of units in the Bronx and Harlem.
He spoke about how he has dealt with tenants failing to pay rent in the coronavirus crisis, the impact of the state's eviction moratorium on smaller landlords like himself and the slow rollout of the federal government’s funding for renters and landlords in distress.
This week, the state approved an extension on the eviction moratorium until the end of August as reports emerged that very little of the $50B Congress approved to help renters has actually made it into the hands of residents. He said most of the people renting his apartments have acted responsibly.
“People that have stable income have paid, they’ve overperformed — they didn’t want to game the system,” Gordon said. “We were stressed, certainly at the beginning of the pandemic … The difference between 85% and 95% collection rate is [the] difference between you making a profit and coming out of pocket to fund operations.”