The NSW government has announced a $440 million in relief for renters and landlords affected by the COVID-19 pandemic. Half of the money will be allocated to residential renters and the other half to commercial.
The package is targeted at keeping people in rentals over the next six months. The scheme marks the first financial support that renters have received during the pandemic.
The Government has ordered a six-month moratorium on new forced evictions if the tenant is suffering financial hardship due to COVID-19 and the corresponding lockdown laws. This applied to tenants who have lost 25 per cent or more of their income.
The new scheme will require landlords to enter good faith negotiations with tenants struggling to make rental payments. Tenants will be protected from eviction until these negotiations have been finalised. It is expected that renters will eventually pay back the rent owed during this period.
The Government will provide relief to landlords by waiving land tax or providing a rebate of up to 25 per cent if they accommodate towards tenants.
“We know many people are worried about meeting their financial commitments at the moment,” Better Regulation Minister Kevin Anderson said. “That is why we need more stability for tenants and landlords.”
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