Research on the Pandemics Impact on American Sacred Site Closure Rates
This week a new study on the Impact of COVID-19 on the American Church found that while Black congregations experienced physical and mental health ramifications of the virus harder, they also had “more unity about pandemic health measures and lower closure rates.” The study also found that Black churches were more likely to have a positive response to health measures, including masking and practicing social distancing indoors in 2022, which possibly “insulated them from the kinds of internal COVID-19 conflicts that negatively impacted so many other churches.” The survey noted that “the ethnicities that were the ‘least polarized’ in response to health measures also had fewer church closures.” The study also described challenges in implementing technology and the innovations and lessons learned that helped bring people back, both of which some pastors attributed to their duty to care for their members allowing them to weather the pandemic better.
What Federal Interest Rates and Potential Shutdowns Mean for Real Estate & Local Markets
Last week the Federal Reserve opted to keep federal interest rates in the range of 5.25% to 5.50% to manage inflation, only the second pause in hikes since March 2022 amid growing concern that increased rates are not far off. The central bank predicts rates may increase once more by the end of the year and will start to come down next year. When rates remain high or increase, mortgage rates also increase making home and real estate prices (currently at record high levels), refinancing, and housing creation more expensive. It also makes it more difficult for households, consumers, and businesses to access credit at a time when Americans are using payday and short term loans 35% more than before.
Meanwhile, the country faces the possibility of a government shutdown that could interrupt federal, state, and local services, as well as halt funds to manage the migrant crisis. New Yorkers with federal jobs could be furloughed, including civilian and military employees. Food insecurity could worsen as supplemental food assistance would be available only through October, and food banks and Meals on Wheels could face delays in their ability to place food orders. According to Governor Hochul, “Women and children, those most in need of help and support, will suffer the worst effects of a government shutdown.” It is uncertain if a shutdown took place how long it or its consequences would last.
New York’s Continuing Quest for Housing Affordability
This week in New York Mayor Adams launched a broad housing initiative called the “City of Yes for Housing Opportunity” to tackle the City’s housing shortage and unaffordability and create 100,000 Homes for over 250,000 New Yorkers. The plan includes various housing options such as shared housing and single room occupancy (SROs) units. This week the Mayor also announced the expansion of the city’s housing voucher program, which will allow voucher holders to use the vouchers to subsidize the cost of housing statewide. The goal was to reduce the burden on New York City’s homeless shelters and allow cost burdened persons to access affordable housing options outside of the City.
Many of the recommendations from the Mayor’s Working Group for Faith-Based Affordable Housing and Community Development, which Bricks and Mortals has been Chairing since June 2022, were adopted into the “City of Yes” plan.The NYC Department of City Planning briefed Bricks and Mortals members at this week’s membership meeting on how this plan would impact faith-owned properties.
To get involved in the Mayor’s Working Group for Faith-Based Affordable Housing and Community Development, contact: info@bricksandmortals.org.
This week New York State also announced a request for proposals to redevelop a former Chelsea prison into a residential development with affordable and supportive housing. New York City announced an intention to raise funds to update the City’s public housing managed by the New York City Housing Authority for an estimated and controversial amount of $78.3 billion or $485,000 per unit. Stakeholders and critics are requesting the exploration of other options, including existing federal rehabilitation programs like the Rental Assistance Demonstration (RAD) and transparency and updates to the cost analysis, before further action is taken.
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