Eviction Moratorium End - How will it impact the RE market?

9 Replies | Upstate New York, New York

Hi, I heard that the eviction moratorium is supposed to end January 15. Does anyone know if there is any current plan to extend it again? How do you think the end of the moratorium will impact the market for multifamily properties? I'm looking at Buffalo NY in particular.

 I imagine it will take awhile to work through the cases. But do you think there may be a lot more inventory coming on the market as people are able to vacate their properties? I would imagine the small time landlords who got burned in this situation may want to sell if prices are still reasonably high which could lead to prices dropping sometime next year. On the other hand the rents will possibly also go down if more vacant units are available. 

Let’s see. How will people needing to go back to work instead of short changing landlords? People going back to work might actually help stimulate the economy IMO.

I agree with Joseph.  As a former New Yorker……I know their State Gov mindset well.
My Lord!   It is cold outside, we can’t evict people when it is cold.  

I would never invest in NY.

I'm honestly doubtful as well that it will end in January.  It seems like every time it gets about a month or so away, it just gets extended again.  As Tim and Joseph noted, being winter definitely gives another reason to extend.  

Sadly, I agree that the moratorium in NYS will probably be extended. I personally don't see a fire sale of inventory, but rather once people are evicted (a big if, rather) screening criteria are going to go way up. I've already raised my income threshold and credentials significantly, and I know several folks around are just keeping units off-market and going by word of mouth. 

@Laura R. We are currently eviction tenants whom have not cooperated and do not have a declaration of hardship on file.

We started this process in September when judges started taking cases. We have had one case thrown out for no logical reason and needed to refile and the rest tenants were given from two weeks to 4 weeks to pay in full, fill out and ERAP application, or be evicted.

Originally posted by @Matthew Irish-Jones :

@Laura R. We are currently eviction tenants whom have not cooperated and do not have a declaration of hardship on file.

We started this process in September when judges started taking cases. We have had one case thrown out for no logical reason and needed to refile and the rest tenants were given from two weeks to 4 weeks to pay in full, fill out and ERAP application, or be evicted.

Interesting, thanks for sharing. I agree with another poster above that at a minimum landlords should be tightening their requirements. I'm looking to buy my first investment property in Buffalo and I've been surprised at how many properties have tenants paying way below market rents with no security deposits. Definitely makes me hesitant to purchase a property with tenants in place.  

I just closed on a property that the tenants were supposed to be of their rent but turns out they aren’t.

I’m gonna try to play nice and get all the information I can on them, so maybe we can get rental assistance.

I think NYS will extend the eviction moratorium as this state sucks lol

I wonder how NYC is going to be when the chips fall