Landlords Face Crisis in New York as Legislation Favors Tenants
In New York, landlords are having a difficult time during the pandemic. While much has been said about the plight of average tenants who cannot earn enough to pay rent, little is being done to protect landlords. These hardworking individuals form an important part of our economy, and one has to wonder what will happen when they all have to pack up and leave their investments behind. Before they call it quits, landlords across New York are attempting to take legal action to protect themselves and their investments.
If you are a landlord who is suffering during the pandemic, it is important to get help from a qualified, experienced attorney. With one of our attorneys on your side, it will be easier to fight back and protect your investments.
Landlords Sue the State
In May of 2021, it was reported that landlords in New York were suing the state, hoping to block a moratorium on commercial and residential evictions here. These landlords joined many other groups across the nation who were taking similar legal actions against the moratorium in an effort to protect their livelihoods. Under the current law, landlords are not allowed to evict tenants who have fallen behind on their rent payments due to “financial hardship caused by the pandemic.”
These groups stressed that the nation is recovering both financially and medically, with the vaccine rollouts proving to be quite effective in the fight against COVID-19. Because of these new developments, landlords argued that there is no legal basis for the continued moratorium. In addition, the landlords pointed out that there is no clear definition for what constitutes “financial hardship caused by the pandemic.”
More Help on the Way for Tenants in New York
Even while these events were taking place, the Rent Guidelines Board of New York City was pushing through an extension to the existing “rent freeze.” This would prevent landlords from raising their rents by renewing one-year leases with no changes. Landlords also have the opportunity to raise rents by a minuscule 1-3% in some situations. Landlords stress that the cost of maintaining these properties has risen considerably over the past year or so.
In the end, the decision angered both tenants and landlords. Tenants actually wanted a reduction in rent, while many landlords were struggling to stay afloat amidst the economic pressures of both the pandemic and the state’s legislation. The current eviction moratorium has been extended until August 31st.
Enlist the Help of a Qualified Attorney Today
If you have been searching the New York area for a qualified, experienced attorney you can depend on, look no further than The Glassman Law Group. We have represented countless landlords in New York, and we are committed to helping you get through this crisis. Do not sit back and allow your investments to fade away without putting up a legal fight. Get in touch, book a consultation, and we can develop an action plan together.