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NEWARK, NJ; and YONKERS, NY — March 10, 2021 — Oren M. Levin-Waldman, Socio-Economic Research Scholar opens the broadcast day in discussion of his most recent essay, “The Real Consequences of Globalization that Nobody Discusses”. From 10-11am EST.
Mike Nukho, Founder/President/Principal of the Real Estate Brokerage Firm NuRealty Advisors, Inc. are defined below:
- Extension of the Eviction Moratorium from 5/1/2021 to 8/31/2021
- Been in play for about 15 months and will be one full year with this extension
- Tenants have not been instructed to pay the rent they owe by the Governor. Viewed as if it is a “Rent Moratorium” tenants are seen television campaigning for “Free Rent”. At issue is whether every renter is incapable of paying rent? Should legislation be defined by those who can and those who cannot? What should landlords expect from the New York State Legislature?
- One of the reasons for the extension of the moratorium was for the Office of Temporary & Disability Assistance (OTDA) to set up this “new version” of the Covid Relief Program as the prior one was a complete failure. $100M was allocated yet only about $40M was actually spent. Many tenants were rejected from receiving assistance due to the complexity of the application.
- Over $2B for rent relief funded by the Federal Government has been conjectured since January; yet nothing has transpired. OTDA needs to streamline this application and push for monies to be released within 30 days so that when the Eviction Moratorium ends on 8/31/2021 tenants will have received the funds. Will this timetable enable cases to be dropped, perhaps never to be placed on the court’s calendar or will the court’s be clogged for years to come.
- We question whether there are necessary safeguards in place to protect tenants. For example:
- Center for Disease Control (CDC) Eviction Moratorium from 3/29/21 to 6/30/21
- Emergency Eviction & Foreclosure Prevention Act of 2020 that requires a tenant to complete a Hardship Declaration Form. Were this form completed, would eviction be postponed and for how long?
- Prior to Covid, tenants were not easily evicted. The courts leaned in favor of tenants on a 65/35 split. Further still, normal evictions take many months. How long are tenants expected to be protected while landlords go unpaid?
- Many tenants have not qualified for assistance, being declined for having the financial resources to pay. Will government continue to also permit them not to pay? How will the landlords function?
- The New York Real Estate Market “CRASH” stemmed from the Rent Reform Act of 2019, opposed by landlords was promoted by legislators? Why? We question how removing the avenues for landlords to raise rents results in a decline in the quality of the buildings and apartments and apartments they own. Has there been a loss of income prior to COVID and thereafter? While tenants do not pay their rent, how do landlords pay their bills? Do landlords also enjoy a moratorium on the bills they owe?
- We learn the likely outcome of President Biden’s proposed tax plan: 1) Capping 1031 Exchange to $500K and 2) Removing Step-Up basis on death. This will never allow anyone to sell a property. From 11am-12Noon.
Hezi Aris, Yonkers Tribune Publisher/Editor is your host today.