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 examine the effects of the American Rescue Plan, a $1.9 trillion stimulus package signed into law last week, on New York City commercial real estate.

New Yorkers are hoping the funds will go a long way to easing the city's woes and those of the real estate community. The Real Estate Board of New York Director of Legislative Affairs Ryan Monell said the organization is now focused on making sure the money gets to people who need it the most — and fast. With more than $23B coming to New York for aid, Monell believes it is now time to establish a framework for commercial rent relief in the city.

“A commercial rent relief program is absolutely necessary. We are working with a few folks in Albany and some who are interested on the local level to try to find a framework for a program that, just like on the residential side, will get money into the pockets of small businesses who need it to help them keep their space,” he said.

“The money is going to have to come out of the state and local aid coffer ... I think there is real agreement with the state legislature and stakeholders that there needs to be something done. The magic number the state legislature is talking about is $500M.”