KUALA LUMPUR (April 6): New York landlord Mario Salerno, who has 18 apartment buildings, posted signs saying tenants in his buildings did not need to pay April rent, The New York Times reported on Friday.

Because of the coronavirus pandemic, which has brought life to a near standstill in New York City and caused an untold number of people to lose their jobs, tenants in the building did not need to pay April rent, it read.

“STAY SAFE, HELP YOUR NEIGHBORS & WASH YOUR HANDS!!!” Salerno, wrote on the signs, which he posted at all of his 18 residential buildings in the borough.

He told the Times in an interview on Thursday that he did not want renters to stress about their payment during the coronavirus pandemic.

Salerno said that he did not care about losing his rental income in April, nor did he care to calculate the amount that he would not be collecting from his apartments. He said he had about 200 to 300 tenants in total.

He is likely forgoing hundreds of thousands of dollars in income by canceling April rent.

His only interest, he said, was in alleviating stress for his renters, even those who were still employed and now working from home.

“My concern is everyone’s health,” said Salerno, 59, whose rent gesture was first reported by the local news site Greenpointers.com. “I told them just to look out for your neighbor and make sure that everyone has food on their table.”

He said a handful of his tenants messaged him last month saying that they could not afford rent. Three renters from Ireland packed up a few belongings and moved back home, he said.

According to the Times, more than any large city in the United States, New York is made up of millions of renters, many of whom survive paycheck to paycheck and pay a large portion of their monthly income for a place to live.

The sudden collapse of the economy has left many New Yorkers stressing about how they can pay their bills, especially rent.

Across New York City, landlords have started to panic as well, as it has become clear some tenants are unable to afford rent. Several surveys conducted last month estimated that 40% of renters in New York City, if not more, would not make April rent, which was due on Wednesday.

The trickle-down effect could be swift and devastating, according to landlords, leaving them scrambling to find ways to pay their own bills, such as water, sewer and taxes at their buildings.

It is too soon to get an accurate gauge of how many renters withheld their April rent and what the fallout would be for landlords.

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