No More Rent For NYC?

21 senators including Bernie Sanders are putting their support behind a bill that would suspend rent in New York. Apparently the payments would be forgiven and not postponed. To clarify, the proposed bill would suspend rents for small-business and residential tenants who are out of work because of the coronavirus. The bill would also forgive mortgage payments for landlords experiencing financial hardship as a result. Late fees would not apply during the 90-day period, and any lease that expires during that time would be automatically renewed, with the monthly rent unchanged. Gianaris said that banks who hold mortgages are the “best-positioned to seek federal relief.”

“Along with pausing mortgage payments, evictions, and utility shutoffs, we must place a moratorium on rent payments, especially in states hardest-hit by the coronavirus like New York,” Sanders tweeted. “We must build on the important work [Gianaris] and others are doing to make this happen.”

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