Foreign Property News | Posted by Zarni Kyaw
Evictions have been halted. Mortgage payments have been suspended.
What about rents? New York renters, elected officials, and tenant advocacy groups are calling for a temporary rent freeze to provide financial relief to both workers and businesses impacted by the coronavirus outbreak.
State Sen. Michael Gianaris, who represents parts of Queens, will introduce a measure on Monday that would suspend rent payments for 90 days for tenants and small businesses, as the Daily News first reported.
“Under the leadership of Governor Cuomo, New York is doing an excellent job of managing the crisis, but the devastation caused by the coronavirus will be far-reaching and long-lasting,” Gianaris said in a statement on Thursday.
“We must stay on top of the fast-changing consequences of our efforts to contain the virus, and the millions of tenants in our state cannot be left behind. Suspending rents is a critically important step to help New Yorkers survive this unprecedentedly difficult time.”
The measure set to be introduced by Gianaris would forgive the rent of residential and commercial tenants for 90 days if they lost work or had to close because of the pandemic.
Owners of small buildings would also be granted assistance if tenants are not making payments.
The proposal comes as Gov. Andrew Cuomo ordered all non-essential businesses to close statewide, in an attempt to curb the spread of the coronavirus.
Ref: Property Report
