After witnessing over a decade of strong growth, landlords are now facing the worse real estate crisis since 2008.
Even in the first months of the pandemic, areas of the country like Florida were able to benefit, as millions of Americans fled major metropolitan regions to more welcoming locations.
Despite a temporary drop in tenants in 2020, property owners in major cities like New York continued to earn revenue from tenants through apartment rentals.
However, a rise in borrowing rates, high inflation, and a sluggish economy, is finally causing the real estate sector to tumble.
New York Rental Business Has Become Difficult
Ben Carlos Thypin, a New York City apartment landlord, spoke with Bloomberg’s Odd Lots Podcast in April to discuss recent changes within the local market….