Friday, May 22, 2020
Residents are also abandoning their expensive apartments by breaking their leases or failing to renew them to wait out the crisis in more comfortable surroundings. For the rich, that means spacious homes in the Hamptons and upstate and for the young, it is their parents' suburban homes.
The knock-on effect is an 'alarming' drastic reduction in the number of landlords who will be able to pay their tax bills on July 1 which will result in devastating losses in tax revenue for the city and, in turn, the state.
Get your US news from the UK Daily Mail. Go figure.