Thursday, May 7, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
May 7, 2020
Today, Governor Cuomo extended his eviction moratorium to August 20, adding 60 days to the ban. He also put a ban on late fee and missed payment charges during the hold.
This comes as good news for renters facing virus-related financial hardships. The governor also said renters could use their security deposits to pay rent, then repay the deposits over time.
Cuomo first put a moratorium on evictions due to nonpayment in March, as most businesses and recreation in the state were forced to shut down in the effort to slow the spread of the virus and its resulting disease, COVID-19. With many living paycheck to paycheck and unable to work, Cuomo said many renters are anxious.
He may opt for a further extension of the hold on evictions.
The news isn't good for landlords who depend on rent payments to cover their mortgages, taxes and other expenses. Cuomo said that the state is looking into an as-yet undisclosed kind of relief for building owners facing hardship due to the shutdown and related Coronavirus issues.
From a Realtor's point of view, this action is a very humane and caring one for people affected by job loss and lack of income. But the 800 pound gorilla in the room is, if things aren't better by August 20, if New York's promised limited opening causes the disease numbers to go up, what then?
Cuomo's answer is this. “Nothing can happen until Aug. 20 and then we’ll figure out between now and Aug. 20 what the situation is.”
Let's hope something happens between now and August 20. Something good.
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