646-312-6800 grace@gegrace.com

Governor Cuomo signed a bill into law allowing renters and homeowners to delay evictions and foreclosure proceedings until May 2021 if they can demonstrate financial hardship caused by the pandemic. All renters and homeowners have to do is fill out a “standardized hardship eviction declaration” form with their landlord, the courts, or their lenders.


This law also helps small landlords. Owners with properties of 10 or fewer apartments can also claim financial hardship due to loss of rent, increase in expenses due to the pandemic, or loss of employment. Landlords must live in one of the units to be eligible. The law will protect these small landlords from foreclosure and negative credit reporting.


New York State Senator, George Amedore feels this bill is a step in the wrong direction. “This bill sets up another ticking time bomb for a housing crisis down the road.”


Kicking the can down the road only serves to create more anxiety for everyone and we will find ourselves inevitably in a deeper and deeper sink hole.


Contact GE Grace for expert insight into your real estate decisions. Call us at 646 312 6800 or email Grace@GeGrace.com.