The rent is too damn high

A$2 trillion stimulus package passed by Congress includes some urgent aid for small businesses hemorrhaging cash during the coronavirus pandemic, including low-interest loans and a new emergency economic injury grant program that promises to swiftly shell out up to $10,000 per application.

But that program will likely take at least two weeks to get up and running, which won’t help small businesses staring down an April 1 rent deadline. Even when Washington’s grants become available, $10,000 would barely cover half or a third of commercial rents for many restaurants and stores here — and that’s assuming this shutdown only goes on one month.

To bridge the gap, New York should impose at least a one-month delay or suspension of commercial rent payments, while also using its power over state-chartered banks to grant some relief to small landlords facing default on commercial mortgages if tenants can’t pay their rent.

Those who can keep paying should. Those who can’t should be cut slack whenever possible.

Same goes for residential renters; the state and city should offer short-term forgiveness or assistance to tenants suddenly thrown into a tailspin. Federal funds won’t come by rent day, and even then, they’re no match for most New Yorkers’ monthly bills and President Trump’s hope that landlords will go easy is a thin reed. Gov. Cuomo’s order to suspend all eviction proceedings for 90 days is helpful, but won’t alleviate tenants’ obligation to pay back rent when that window is up.

Do more. The economic emergency is here.