Help’s On The Way For Tenants/Landlords But More Is Needed
Help is on the way for landlords and tenants who’ve been negatively impacted by the pandemic.
Reports consistently reveal more than 50 percent of tenants have not timely paid rent. Without rental income, landlords are unable or compromised when it comes to paying their tax and mortgage obligations.
To stem the burgeoning crisis, both the Federal and State government have stepped in to offer some relief to both tenants and landlords. On March 16, New York courts temporarily suspended eviction proceedings. In a series of executive orders, Governor Cuomo extended the eviction moratorium through August 20, 2020. The eviction halt applied to both commercial tenants and residential tenants.