New York COVID Hospitalizations, Deaths Hit Record Low
New York Gov. Andrew Cuomo, who announced the opening of the 3.6-mile shared bicycle and pedestrian path on the new Gov. Mario M. Cuomo Bridge today, reported that the total number of hospitalizations (1,607) and 27 COVID-19 related deaths (Sunday, June 14) were the lowest since the pandemic began in March.
In connection with the reopening process, he said he would be raising the maximum amount of people allowed at gatherings in regions in phase three of the reopening from 10 to 25. Western New York enters phase three tomorrow and the Capital Region will progress to that stage on Wednesday.
The Mid-Hudson is eligible to enter phase three on Tuesday, June 23. For further information on the new bicycle-pedestrian path on the bridge, go to the governor’s announcement.
NEW YORK STATE NEWS
Governor Threatens to Reverse Reopenings if Safety Rules Not Followed
On Sunday Gov. Andrew Cuomo, frustrated over 25,000 reports of reopening violations, predominantly in Manhattan and the Hamptons, warned that the state would take action against businesses and localities that violate or fail to enforce safety regulations.
He stressed that local governments are charged with compliance and that a region’s reopening could be reversed or delayed if these violations are allowed to continue.
“Lots of violations of social distancing, parties in the street, restaurants and bars ignoring laws,” Cuomo said on Twitter. “Enforce the law or there will be state action.” Today, he told local governments: “Do your job.” See governor’s announcement.
Local Sales Tax Collections Down $437M in May
The coronavirus pandemic continues to batter the New York State economy.
Sales tax revenue for local governments in May fell 32.3% compared to the same period last year, according to a report released Friday by New State Comptroller Thomas P. DiNapoli. Sales tax collections for counties and cities in May totaled $918 million, or $437 million less than 2019.
The sharp decline in revenues was widespread across the state, ranging from a drop of 19.5% in Westchester County to a 41.5% decline in Tioga County. New York City experienced a 31.9% decline, calculating out to $196 million in lost revenues for the month. View further information on the sales tax report.
NATIONAL NEWS
CMBS Delinquency Rate Posts Highest Increase Since Great Recession
The CMBS delinquency and special servicing rate in May recorded the largest increase since the metric was introduced in 2009, according to a Trepp report.
The delinquency rate in May for commercial mortgage-backed securities increased to 7.15%, according to the Trepp May CMBS Delinquency Report. A total of 5% of those troubled loans were identified as 30 days past due. In May, $9.4 billion involving 243 commercial loan notes were sent to special servicing, according to servicer and watchlist data compiled by Trepp.
The Trepp report states that initial reports in June indicate troubled commercial mortgages are centered on single-asset or single-borrower deals, most backed by hotels or malls. Click Here for further coverage.
Multifamily Rents Continue to Struggle
In what is normally prime leasing season, multifamily rents continue their decline thanks to the coronavirus.
In May, rents declined nationally by .3% month-over-month, with the largest drops in gateway markets, according to a report released by YardiMatrix.
The May numbers were an improvement over the previous month when rents fell by .5%. The markets that were hit the hardest included Boston and San Francisco, each down 1%; Chicago was down .9%; and Los Angeles saw a decline of .7%. For further details, see Globest.com report.