Long Island has the most foreclosures and zombie homes in the state, and property analysts expect that will only get worse when COVID-19 moratoriums end in the New Year, when foreclosures might increase.

Suffolk County takes the top spot statewide on foreclosure proceedings at almost 16,000, according to Attom Data Solutions. The report warns that number could grow next year unless the moratorium on foreclosures, which is keeping those proceedings frozen, is extended.

Dr. Martin Cantor heads the Long Island Center for Socio-Economic Policy. He said commercial landlords are in an especially tight spot as more businesses have moved to a virtual work space during the pandemic.

“I think if the moratorium is not extended, you’re going to find more and more foreclosures. And that’s going to be because commercial landlords, you know, they still have to pay their taxes,” Cantor said.

New York Governor Andrew Cuomo last month extended the moratorium on coronavirus-related evictions and foreclosures on commercial properties through January 1. Landlord and tenant advocates want those extensions to be extended while the state deals with a spike in COVID-19 cases.



Source Google News