Landlords and tenants to benefit from multi-million dollar assistance package
The NSW government has announced $440 million in assistance for renters and landlords financially disadvantaged by coronavirus restrictions.
The six-month support package includes a moratorium on applications for forced evictions of anyone who fails to pay their rent due to COVID-19 related financial hardship.
Instead, landlords and tenants will be required to enter into good faith negotiations over rental payments.
Half of the $440 million will be allocated to residential landlords, who will be eligible for a land tax waiver or rebate of up to 25 per cent if they pass the saving on to tenants in financial distress.
Minister for Better Regulation and Innovation Kevin Anderson said the package “is about negotiation, mediation, and arbitration,” and comes with “clear guidelines about what to do and how to start that process”.
$2.3 million will be provided to the Tenants’ Union of NSW to fund advisory services which can assist tenants in their negotiation with landlords.
The NSW government also says it has taken action to minimise “avoidable housing disruption and movement” by increasing the period of required notice of eviction from 30 days to 90 days.
Tenants will also be protected from being added to tenancy databases (or ‘blacklists’) for breaches of agreements resulting from COVID-19 impacts.