New York City Mayor Bill de Blasio delivered another striking blow to property owners when he signed into law N.Y.C. Council Int. No. 1932-A (2020) on May 26, 2020. The new legislation prohibits landlords from enforcing personal guaranties on certain commercial leases for defaults occurring between March 7, 2020 and Sept. 30, 2020.
The retail industry will emerge in a post-COVID world with smaller stores, healthier balance sheets, and improved sales driven by pent-up customer demand.
The act is a temporary solution meant to provide some level of certainty to renters, modest protections for small landlords and time for the state to determine what additional relief may be needed.
Berkshire Hathaway has "doubled-down" on its original 2017 purchase of 18.6 million shares of Arizona-based net lease REIT STORE Capital, picking up an additional 5.8 million shares.