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NY S08865
Bill
Status
7/31/2020
Primary Sponsor
Brad Hoylman-Sigal
Click for details
AI Summary
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Covered tenants (small businesses and nonprofits with 25 or fewer employees) forced to close or substantially curtail operations due to COVID-19 restrictions pay reduced rent: the lesser of 20% of actual income or one-third of contractual rent per month during the covered period plus 180 days after.
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Landlords must waive 20% of contractual rent monthly for 180 days following the end of the state of emergency, with rent obligations recalculated if tenants receive additional income.
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Covered tenants must provide sworn affidavits of actual income to the Department of Financial Services for verification; successful verification absolves the tenant of further rent obligation for the difference between contractual and actual payment.
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Courts cannot accept eviction petitions for non-payment related to COVID-19 income loss for at least 30 days after the state of emergency ends, and late or reduced rent payments cannot be grounds for eviction for chronic nonpayment.
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Department of Financial Services shall establish a $500 million commercial rent relief program funded by federal emergency assistance to compensate landlords not fully compensated by other government aid.
Legislative Description
Relates to suspending rent payments for certain tenants due to the state of emergency declared by Executive Order No. 202, where they have lost earned income or were forced to close their place of business; requires landlords to accept 20 percent or one-third of contractual rent each month; requires the superintendent of the department of financial services to establish and implement an interim commercial rent relief program to support covered tenants and landlords impacted by the COVID-19 pandemic.
Last Action
REFERRED TO RULES
7/31/2020