State Sen. Michael Gianaris, who represents western Queens, has proposed a bill that would offer 90 days of rent relief for both residential tenants and small businesses that have lost income or been forced to close because of state-ordered restrictions issued in response to the coronavirus outbreak. The rent would be completely waived rather than deferred.
The bill also offers a break on mortgages to property owners—owners of both residential and commercial buildings—who are facing financial hardship as a result of lost rents during this 90-day period. The legislation offers forgiveness on commercial mortgages up to the dollar amount of lost rent over the three months during which the bill is in effect.
Gov. Cuomo decided to address the issue by issuing a 90-day moratorium on residential and commercial evictions throughout the state.
READ MORE: https://commercialobserver.com/2020/03/new-york-rent-freeze-cancellation-coronavirus-tenants/
