Thursday, April 16, 2020

Large Percentage of Boston Residents Struggled with Housing Costs in April

According to recent reports, nearly 1 in 4 tenant and owner households had trouble making the rent or the mortgage at the start of April. Although it is impossible to report the exact number of tenants and owners struggling to meet rent this month, studies found that at least 24 percent of homeowners and tenants nationwide made partial or no payments at all. The economic upheaval of course is due to the coronavirus pandemic. 

In areas defined as “high density” (more than 10,000 people per square mile), 28 percent of people surveyed reported they made no or partial rent and mortgage payments for April. Boston density exceeds 13,000 people per square mile. The correlation between high density and late rent/mortgage payments might simply be a reflection of the densest areas tending to be the most expensive to live in. 

Although homeowners and tenants alike have been facing serious challenges amidst the coronavirus pandemic, they are getting support from major mortgage lenders and banks. Presently, at least a dozen major mortgage lenders have agreed to offer qualified Boston borrowers at least three months of deferred payments on their home loans under a plan that the city brokered. Furthermore, there have been numerous aid programs and funds made available for qualified tenants. Also, most evictions have stopped temporarily in Boston. 

Although rents and prices remained expensive in Boston, in the next coming weeks we might be seeing both come down at least temporarily. 

Wednesday, April 1, 2020

Massachusetts Extends Order Closing Non-Essential Businesses

Governor Charlie Baker on Tuesday March 31st extended the order requiring all non-essential businesses with physical locations to stay closed, in an attempt to slow the spread of the coronavirus. The original order, which began a week ago on March 24, was set to expire at noon on April 7. The new order goes until May 4.

Additionally, Baker said that he is extending the 10-person limit on gatherings until May 4. Baker reiterated that Massachusetts has been taking early and aggressive steps to slow the spread of the coronavirus, and that he must continue to protect the welfare of Massachusetts and our country.

Baker's announcement came shortly after President Trump extended the federal guidelines on social distancing for another month. The Massachusetts order does not apply to essential businesses, which include grocery stores, liquor stores, pharmacies, restaurants offering takeout and delivery, utility companies, Uber and Lyft drivers, and hospitals.

Furthermore, Baker said he would announce an updated list of businesses deemed essential. Among the changes are hotels and Airbnbs which should be used for limited purposes only. This includes housing front-line workers fighting the coronavirus and residents displaced from their home. He cautioned against booking hotels and Airbnbs for leisure purposes. Governor Baker also warned that he expects a surge of coronavirus patients to arrive as early as April 7.

Services provided by Premier Property Solutions, LLC and your associations vendors (Janitorial, Elevator, HVAC, Plumbing, Drain, Electrical, Roofing, Fire Alarm, Maintenance, Garage Door, Etc.,) can continue to conduct business in Massachusetts and are deemed essential services as listed by the emergency order.