Real Estate Board of New York Calls for Extension of State Eviction Moratorium for Residents and Businesses Impacted by COVID-19

REBNY also calls for City and State to take additional steps to address needs of property owners and small businesses facing financial hardship

 

As New York State’s current eviction moratoriums are set to expire soon, and as New York State officials enact additional restrictions on business operations – such as indoor dining – to address the latest increase in COVID-19 cases and protect public health, REBNY President James Whelan released the following statement:

“While we continue to advocate for long overdue federal rent relief to address the crisis facing residential and commercial tenants and property owners, we recognize the challenges that our City will undoubtedly confront once the current eviction moratoriums expire. With that in mind, we believe that these eviction moratoriums should be extended for residents and businesses unable to pay rent due to the impacts of COVID-19.

“Additionally, the City and State should recognize similar challenges facing property owners. For property owners who have difficulty making property tax payments on a timely basis, the City should work with them to provide more time to do so. The State Legislature should also pass previously introduced legislation that would significantly reduce the current, excessively high interest rates incurred by late property tax payments in light of the immense financial pressure on property owners throughout the pandemic.

“As the State enacts restrictions on business operations to prioritize the health and safety of New Yorkers, it is also clear that too many hardworking small business owners will now be simply unable to manage their dire financial situations in the immediate term. City and State officials can and should address this serious issue by forgiving sales tax payments and imposing a moratorium on all City and State fees owed by businesses that are subject to new restrictions related to COVID-19. Taking such action could make the difference between keeping thousands of small businesses afloat or seeing them close forever.”

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