By CityRealty Staff

Due to the residual financial impacts of the COVID-19 crisis, many rental tenants and homeowners across the city will struggle to make their rental or mortgage payments in the coming months. While New York has implemented a moratorium on rental evictions for 90 days and banks will waive mortgage payments and suspend foreclosures for eligible homeowners during a similar period, one must wonder what will happen long-term, especially when the pandemic promises to leave millions of New Yorkers out of work or underemployed. Governor Cuomo and Mayor de Blasio have suggested that the aforementioned offers could be extended beyond 90 days depending on how the fight against the contagion plays out.

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Source: CityRealty