Maybe this could cause a fall in prices for investments in NY... time will tell. 

The market is still hot and active and the sky is not falling!

Also, the federal government will probably be doing things to help people not fall behind on their bills and foreclosures will be delayed.

This isn't going to be a month long thing and it could come back in the fall too so hang in there for the long term and be ready to hit the ground running once they have that vaccine :) 

Next, not all of your tenants will fall behind in rent.  

That is probably not happening a lot right now.The mentality right now kind of reminds me of the old "Fall Out Shelter Mentality".If you don't know what a "Fall Out Shelter Mentality" is, here's a link: https://www.youtube.com/watch?

Typically first to fall is SFR properties, then multifamily, then commercial but this virus is different.On the commercial retail side I still have clients buying it is a (flight to quality) meaning most want investment grade tenants now even if  a lower cap rate.

Did the rental market collapse with renters taking advantage of falling interest rates to become property owners?

While in the Philippines, I took a 3 hour Uber Ride to Kawasan Falls that changed my life.

@Nicholas Suazo https://www.google.com/amp/s/www.cnbc.com/amp/2020/03/15/coronavirus-mortgage-rates-will-fall-again-after-latest-fed-cut.html