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Billionaires who built their fortunes rolling out wireless networks when debt cost almost nothing are seeing their wealth crimped by higher borrowing costs and caution among money managers on the outlook for the industry.
Above and beyond the obvious damage, wildfires levied a hidden cost on the finance industry: Mortgage lenders and investors lost more than $30 billion between 2020 and 2022, due to both accelerated defaults and prepayments following disastrous blazes.
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Jun 4, 2020
, Bloomberg News
(Bloomberg) -- Three New York City real estate companies say if they can’t evict tenants who don’t pay rent, they shouldn’t have to pay property taxes.
New York Governor Andrew Cuomo ordered an eviction moratorium until Aug. 20 because of the coronavirus pandemic, creating a “nightmare scenario” in which landlords can’t collect rent from commercial or residential clients but still have to pay taxes and late fees, the companies said in a lawsuit filed Thursday in Manhattan federal court.“The Governor’s response to the pandemic has been exemplary given the sudden and dire ramifications faced by the state and its citizens,” the companies said. “However, he totally forgot about and left out thousands of property owners, whom are the backbone of New York’s economy, without any sort of property tax relief in sight.”
Ent Int’l Realty Corp., H.P.S.O.N.Y. Inc., N.Y.A.H. Inc. and R.C.F.H.P., Inc. filed the lawsuit. Ent Int’l owns 139 Fulton Street, a 150-year-old structure, cited on its website as the largest habitable cast-iron building.
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