In a few words :

The ongoing pandemic has taken a huge emotional/psychological/physical toll on all students. It has been harder to get schoolwork done and online classes are not as easy to follow. Implementing an A/A- policy, which schools such as Harvard and the New School already have, will be a fairer alternative to deal with the situation than the current extension of the school's pass/fail policy. 

In more words: 

We are aware of the new pass/fail policy the school has implemented to help students cope with the ongoing situation. However, taking a pass/fail doesn't look very good in your transcript. We encourage the school to look at the A/A- policy schools such as Harvard and not going too far, The New School, have adopted to support their students. We would like NYU to consider implementing this for us being it a fairer alternative.

We aren't asking for these changes in order to be able to relax in our classes or get better grades. We are asking for this because due to the circumstances it's been harder to keep up with schoolwork and online lectures. We can not get out of our homes to destress and reload. There is too much anxiety and fear around us which does take a significant toll on us and therefore affects our academic performance. It is not fair to treat us as if we were living under normal circumstances because we are not. Our mental/physical/emotional conditions are not the same. We know we can request pass/ fails for all our classes, but that is not the point, if we were under normal conditions we might not have to do this at all and our transcripts would not look bad.

Furthermore, under these conditions students are more likely to fail a class (or more) and many can't afford paying for another semester at NYU. 

Adopting this policy would greatly help us students, please look into it.