Real Estate Moguls Respond to COVID-19 With Kindness and Compassion
Due to COVID-19, many homeowners and renters have faced severe financial hardship. There have been millions of jobs lost during the pandemic, and unemployment has spiked higher than any other time in recent history. Luckily, many real estate moguls have offered assistance to individuals who are struggling as a result of the pandemic's economic impact.
According to Real Trends, the decline in the real estate market was so severe during April that 27% of homeowners changed their minds on their plans to sell their home. Almost 23% of people who were selling their homes withdrew their listings. Here are a few ways that commercial property owners have helped individuals facing a hard time during the COVID-19 crisis:
Some Real Estate Moguls Have Offered Free or Discounted Rooms
If you are suffering from COVID-19, it's important to self-isolate in order to prevent the spread of the virus. However, not everyone has a space where they can do this. According to NYC.gov, some hotels in New York City will offer a free room for up to 14 days if you meet any of the following criteria:
You live in a setting where you share a bedroom or bathroom with someone else.
You're living with an individual who is deemed to be especially vulnerable to the disease.
You are living someplace where you will not be able to maintain six feet of distance between yourself and other residents.
You also may be eligible for a room if you live with someone who has COVID-19.
Many Commercial Property Owners Are Helping Out Individuals Facing Homelessness
Many commercial property owners are donating to homeless shelters, and others are offering free rooms to those in need. While these programs are available in multiple regions of the country, one of the best examples of them is available to California residents who are facing homelessness.
According to KQUED, California residents have access to a program called Project Homekey, which has provided homes to 22,000 individuals facing homelessness in its first phase. This is 15% of the state's homeless population. Hotel owners have sold portions of their property to the state in order for this program to acquire hotel rooms to house homeless individuals during the coronavirus pandemic and after. Permanent housing is available through the program in certain parts of the state.
Big Real Estate Investors Have Given Assistance to Displaced Healthcare Workers
Some healthcare workers have had to relocate due to the pandemic. As hospitals have gotten overwhelmed, nurses and doctors have sometimes been transferred to hospitals outside of their area to treat patients suffering from COVID-19. In response to this, some hotels have begun offering free or discounted rooms to these essential workers. According to The American Osteopathic Association, Hilton and American Express worked together to provide one million nights of free housing to physicians in the association who are treating COVID-19 patients.