H
ave you ever been a landlord? If so, what were your experiences like during the COVID-19 pandemic? I'm gathering statistics for future reports and would love to hear from you.
If you're still a landlord, how did you handle not receiving rent payments during this time? Did you apply for PPP or EIDL loans, or seek reimbursement through other programs? If not, why not?
As a real estate professional in New York State, I can attest that the pandemic had a profound impact on our industry. Governor Cuomo's "New York State on Pause" executive order forced us to cease operations until further notice, which was a huge mistake in my opinion. Realtors play a crucial role in supporting ancillary industries and services, contributing 70% of the economy.
The lockdown led to a massive exodus from crowded cities, with consumers seeking safer living arrangements. This created a frenzied demand for homes, townhomes, condos, and coops, driving prices up and inventory down. The current housing supply is at a 50-year low, exacerbating the fragmented and catastrophic supply chain shortage.
The pandemic also accelerated online home buying, with consumers purchasing in record numbers. However, before we were allowed to return to work on June 10, 2020, some individuals continued to conduct business, prioritizing earnings over health concerns.
Fast forward to today, and while COVID-19 still poses a threat, the death rate is minimal compared to 2020. The commercial office space has been severely affected, with many people working remotely or part-time. As we approach our 250th anniversary of independence, it's crucial that we learn from the past and work together to maintain our position as the world's strongest economy.
As a seasoned real estate professional with over 42 years of experience, I'm committed to helping you navigate today's market. Visit my website at WWW.Li-RealEstate.Com for regular updates on pending sales, new listings, and more. Contact me for a free consultation or value analysis of your home without any obligation.
