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The New York State Office of Temporary and Disability Assistance (OTDA) announced that the application portal for the state’s Emergency Rental Assistance Program (ERAP) will close on January 20, 2023.
ERAP BENEFITS
ERAP was created to provide financial relief for tenants who could not pay their rent due to COVID-19 related economic hardships. The program, which started in June 2021, has distributed over $2 billion in payments to landlords. While ERAP provided welcome relief for some tenants and landlords, the program has also had significantly detrimental consequences for property owners across New York State.
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The Bad News for Property Owners Regarding New York States’ Good Cause Eviction
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New York State’s legislature is currently reviewing a bill referred to as the “Good Cause Eviction.” The proposed legislation presents significant changes that could impact property owners throughout New York State.
If passed and signed into law, the Good Cause Eviction legislation would limit rent increases to 3 percent or 1.5 times the Consumer Price Index, which ever is higher. In addition, the law would change the criteria and legal process for evictions.
Many questions and concerns have been raised regarding the potential widespread consequences of the Good Cause Eviction law. During the next Real Estate Roundtable, Jaime Michelle Cain will explore details of the Good Cause Eviction legislation and review how property owners can address the proposed law.
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What Property Owners Need to Know as New York’s Eviction Moratorium Expires
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New York State’s eviction moratorium law has been in place since March 2020. After twenty months and two extensions, the eviction moratorium law in now scheduled to expire on January 15, 2022.
On the heels of the eviction moratorium expiring, Jaime Michelle Cain will be conducting a Real Estate Roundtable at 2:00 PM on Monday, January 17th. This virtual event will address a number of issues property owners now face.