NEW YORK—Amid the ongoing COVID-19 pandemic, Governor Andrew Cuomo extended the state's moratorium on COVID-related residential or commercial evictions for an additional 60 days until August 20th. The Governor also announced the state is banning late payments or fees for missed rent payments during the eviction moratorium, and allowing renters facing financial hardship due to COVID-19 to use their security deposit as payment and repay their security deposit over time.

"During these incredibly difficult and stressful times we must protect New Yorkers who are facing financial hardships due to COVID-19," Cuomo said. "The majority of people in the state live paycheck to paycheck, and all of a sudden the paychecks have stopped for these individuals but the rent bill keeps coming in."

The state first issued a moratorium in March on all residential and commercial evictions.

The extension comes as the Labor Department reports that 20.5 million people lost their jobs in April, pushing the unemployment rate up to 14.7%—the worst level since the Great Depression. Employment fell sharply in all major industry sectors, the Bureau of Labor Statistics said, with particularly heavy job losses in leisure and hospitality.

On the other hand, landlords, still on the hook for maintenance, taxes and their own payrolls, are being squeezed by the declining rent payments.

Many are getting angry and are frustrated with the government, which has not included them in any meaningful relief, while at the same time allowing tenants forbearance on their rent. One sign of this anger is a Change.com petition, which is calling for New York apartment landlords to withhold taxes.

Cuomo has acknowledged this tension and, according to the Wall Street Journal, says the state is working with the banking industry to make sure there is additional relief for property owners.

Instant Insights /

New York's Eviction Moratorium Extended Until Aug. 20th

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