Through the pandemic, SPONY and its members have been working to keep businesses open and stable despite mortgage and property tax bills.
New York, NY – Small Property Owners of New York (“SPONY”) today released the results of a new survey showing that most managers and owners of small residential and commercial properties are working with their tenants by either reducing, forgoing, or granting some other rent concession to help keep them in their leases.
“Under normal circumstances small property owners have a difficult time keeping up with rising
property taxes, utilities, insurance, and maintenance costs. The pandemic forced many business to close their doors and rental incomes screeched to a halt. Nonetheless, property owners were still expected to pay their ‘pound of flesh’ in property taxes on time and without reductions. Small property
owners today are balanced on a knife edge, as we face lien sales, deadlines and reduced income. Yet small property owners across the city are still doing their best to work with their tenants, despite the unrelenting external pressures.” – by Christopher Athineos, Jan Lee, and Joanna Wong, Members of SPONY Leadership
During the period August 10 – 19, 2020, owners and managers of 1,332 residential and 123 commercial units completed a short survey about rent collection efforts during the pandemic and the impact of new laws recently passed by the New York City Council to respond to the pandemic. The survey found:
The most telling information from the survey comes from the comments owners and managers left about the struggles they are facing as small business leaders. Specifically, the impacts of the recently passed city legislation limiting, without remedy, the ability for owners to request rental payments or pursue debts.
While many perceive property owners as financially stable, a vast number operating their buildings as a small business and are facing potentially devastating effects if they are unable to receive rents for occupied units. Responses from SPONY members include:
About SPONY
SPONY is a non-profit, self-help organization of small property owners founded in 1984 whose goal is to educate small property owners and promote networking among them while providing group power for the small property owner in New York City and Albany. SPONY members are property owners mostly made up for long-term owners ranging from those who own one unit to a multifamily apartment building. Many of our members provide deeply affordable housing and are greatly invested in the communities where the property is located. Many of our members self-manage. Many of our members have a full-time career or job in addition to being a property owner. Many SPONY members live in the building which they own. Members include owners of both free market and rent regulated properties.
Media Contact: Joanna Wong, jowny102@gmail.com, 646-982-9082
It is critical that all owners make an effort to testify and attend the Rent Guidelines hearings. With proposed increases as low as 0.75% we need to have our voices heard. This is your business! If you don’t take an interest in it, who will?
Queens Public Hearing Thurs June 7th 5:30 PM – 8:30 PM
Jamaica Performing Arts Center Auditorium
153-10 Jamaica Ave
Jamaica, NY 11432
Bronx Public Hearing Mon June 11th 5:00 PM – 8:00 PM
Main Theatre Hostos Community College
450 Grand Concourse
Bronx, NY 10451
Brooklyn Public Hearing Wed June 13th 5:00 PM – 8:00 PM
Saint Francis College – Founders Hall
180 Remsen St
Brooklyn, NY 11201
Lower Manhattan Public Hearing Tues June 19th 4:00 PM – 8:00 PM
The Great Hall at Cooper Union
7 East 7th St (corner of 3rd Ave)
New York, NY 10003
Upper Manhattan Public Hearing Thurs June 21st 5:00 PM- 8:00 PM
Oberia D Dempsey Multi Service Center Auditorium
127 West 127th St
New York, NY 10027
FINAL VOTE Tues June 26th 7:00 PM
The Great Hall at Cooper Union
7 East 7th St (corner of 3rd Ave)
New York, NY 10003
SPONY members can click on this link to register for the Buildings NY Trade Show March 21st & March 22nd.
http://www.buildingsny.com/?appname=100008&moduleid=0&campaignid=61935460