Question

Analyze real estate market amid the pandemic of Covid-19.

Question 1:

Policy: Analyze how the rental policies have influence on rental market in the New York City. [in the real estate world]

Question 2:

Analyze the short-term and long-term influence on 1. Renter, 2. Rental market in the New York City.

Please avoid unnecessary boring texts. Provide insightful qualitative/quantitative texts in the perspective of Covid-19. Can use graph to analyze.

Answer 1

HOMEWORKLIB's guidelines, asnwered first question only. If you need answers to other questions, pls post them separately, sorry

Most Americans who rent have become intimately acquainted with their apartments over the past month. Widespread shelter-in-place orders have forced us to work, eat, and even socialize from home, while a turbulent economy has left a mind-blowing 17 million people unemployed and unsure of how they’ll pay their rent.

Waking up to the realities of COVID-19’s impact, tenants in major urban markets like New York are interpreting stay-at-home orders as a suggestion that they should hold on to their current apartment rather than seek out a new one amid the pandemic. According to Bloomberg, new lease agreements in Manhattan fell an astounding 38% year over year in March,

While the challenge of signing a lease for an apartment one can’t see in person probably played a large role, the disconnect between prices driven by high 2020 rental demand and a sudden economic downturn could have made some listings feel too expensive.

Though a downward pressure on rents is eventually inevitable at a time of swelling unemployment. It is believed that the percentage of New Yorkers who have fallen behind on their rent will only increase once time rolls around without federal intervention.

The looming crisis has motivated tenant organizations and housing activists to ask for greater federal support.