3.20.20 | Industry Insights
REBNY members1, in an act of true NYC solidarity, have pledged to New Yorkers not to execute any warrant of eviction for the next 90 days in an effort to alleviate some of the economic strain stemming from the ongoing Coronavirus (COVID-19) crisis.
Currently, many NYC retailers and restaurants have closed, or have limited their hours, which in turn means little to no income for these businesses and their employees, many of whom are hourly.
New York State has kicked in and declared an indefinite halt on evictions and foreclosures2, that became effective Monday, March 16, at 5 p.m. Other states are considering imposing similar suspensions, with cities like Seattle, San Francisco, and Denver already putting these suspensions in place. The White House also stated that the Department of Housing and Urban Development (HUD) will halt all foreclosures and evictions through April.
In addition to all these precautions to protect New Yorkers, tenant advocates are also demanding funding for the homeless to attempt to protect the health of some of the most vulnerable New Yorkers and perhaps provide them with shelter.
Questions? Contact your Berdon advisor.
Berdon LLP New York Accountants and Advisors