New York tenants are set to be handed a further lifeline, while many landlord and lenders are in great peril after New York City agreed to extend its ban on residential evictions. The New York Legislature passed a comprehensive anti-eviction law barring commercial and residential evictions. The bill blocks landlords from evicting tenants and also protects smaller landlords from foreclosure.
The bill was signed by New York governor Andrew Cuomo and went into immediate effect, preventing evictions slated for December 31.
From the Federal Government, New York is set to receive $1.3 billion in rental relief, thanks to a $900 billion relief package passed by the U.S. Congress and signed into law by President Trump.
The New York bill has a section that may be useful for property owners. The protects property owners from financial institutions, if property owners are facing financial hardship banks shall be prevented from discriminating against these property owners based on these property owners filing of hardship declarations.
While the moratorium remains in place for residential and commercial tenants we believe that now is the time to prepare for the future. It’s likely that many issues shall be resolved in the court system over the next 12 months.
Whether you are a property and/or business owner, you will be in the position of making agreements with government agencies, landlords, tenants and other parties. This is the time to engage an attorney that will advise you on the best course of action to take moving forward with rental-related business decisions. The risks to landlords is, especially, steep and a proactive lease agreement, strategy and due diligence is a way to, in many cases, alleviate risks caused by this and, potentially, future eviction moratoriums.
If you are interested in learning more about commercial lease agreements in New York please see articles we wrote at: NY Commercial Lease Agreements Basics: New York Lease Agreements, New York Commercial Lease Basics: Negotiate a Good Guy Clause For Your New York Start-Up and Termination of New York Commercial Leases based on Violation of New York Law.
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