By Kevin Stankiewicz | CNBC
The coronavirus pandemic should not be used as a reason for everybody to stop paying rent, the CEO of one of the nation’s largest real estate developers told CNBC on Monday.
“It’s a whole ecosystem. The people that can pay need to pay,” Related Companies’Jeff Blau said in a “Squawk Box” interview. “Landlords need to help out those that can’t, and then the banks need to help out those landlords that are hurt by people that couldn’t pay the rent.”
“That’s how this whole thing I think has to get resolved,” added Blau.
Blau’s firm has a portfolio value of more than $60 billion and is behind projects such as New York’s Hudson Yards. It also owns the largest private portfolio of affordable housing in the U.S., with properties in 24 states.