Thursday’s crucial ruling will have massive implications on the renters’ market. Essentially, the U.S. Supreme Court has lifted the Biden Administration/CDC’s Eviction Moratorium.
Attention NY Private Lender’s and Investors, Bill #S5376 has been introduced to the NY Senate that will adversely impact fix-n-flip transactions in New York City.
S1061 (old bill S6688 of 2020) was reintroduced in the New York State Senate on January 6th. The identical A1420 (old bill A10878 of 2020) was reintroduced in the New York State Assembly on January 11th.
The COVID-19 Emergency Eviction and Foreclosure Prevention Act (S.9114 / A.11181) (the “Act”) is expected to pass the New York legislature in Special Session on Monday, December 28th. It will then go before the governor for approval. The stated intent of the Act is to avoid evictions and foreclosure proceedings for persons experiencing financial hardship during the COVID-19 pandemic and to protect persons who cannot move due to an increased risk of severe illness or death.
UPDATE 12/24/20
AFTER A FLURRY OF ACTIVITY OVER THE LAST FEW DAYS AND BASED ON PRIVATE LENDER LAW’S OPPOSITION PAPER (SEE ATTACHED) SUBMITTED TO GOVERNOR CUOMO’S OFFICE ON BEHALF OF THE NPLA
Discover how a competent lender’s attorney for real estate loan closings can ensure a seamless and compliant transaction. Call Private Lender Law at 1-212-536-3529 or return the contact form to schedule a consultation today.
