From the NY Post:

If landlords don’t get paid, NYC housing is headed for disaster

The ban on evictions undoubtedly helped many struggling New Yorkers these last nine months. But the state’s failure to account for landlords’ needs risks disaster.

After a new survey, the Community Housing Improvement Program, a group of owners and operators overseeing more than 400,000 units of rent-regulated housing, estimates that arrears of rent-regulated tenants in the city total $1.14 billion.

CHIP finds that about 180,000 such tenants are more than two months in arrears. That’s a fifth of all rent-regulated tenants; pre-pandemic, in February 2000, it was about one in 20.

Over 50,000 tenants owe more than $15,000, or over 11 months of the average rent amount. Of all renters in arrears, the average rent debt is $6,173.21, or 4½ months.

This money will never get paid back.  People who cannot make rent now are not going to be able to come up with this much back rent.  It’s just a financial impossibility.

This lack of revenue means landlords don’t have working cash for repairs, causing buildings to go into disrepair.

Then there is this:

Meanwhile, property owners were already behind over $500 million in property taxes before another $13.7 billion was due in early January. Some landlords can’t keep up with maintenance costs.

The government always gets theirs.

You have buildings that are approaching the point where they are not fit to be lived in by housing standards.  You have landlords way behind on property taxes.

What comes next?

Mass government seizures of property, with buildings or lots then being sold cheap to the few well connected property managers or banks that are buddy-buddy with politicians.

The landlords are destroyed and the property goes into the hands of cronies.

This is what happened in the Soviet Union, Maoist China, and North Vietnam.

It’s now coming to New York City.

Elect a Marxist mayor, get Marxist governance.

That city will be the Caracas of North America in five years.