The new IRS regs dictate repairs vs capital expenditures so you will need to get with someone who fully undersands the new regs.

But - this was only because any new tenant would also be paying less than they were paying.So, in the current situation - I would not lower rents or allow tenants to miss rent payments - until or if the market dictated a different price.As others have said, everyone really needs to save up for a rainy day - whether they may lose their job or whatever.  

Your purchase contract probably dictates how this is handled.

Markets dictate pricing. 

Assuming the rental is in seattle as OP is,   Seattle has an (annoying but its the law)  ordinance https://www.seattle.gov/civilrights/civil-rights/fair-housing/first-in-time dictating how rental applications must be processed -  This is the first-in-time ordinance.   

As far as cap rates go, I could see them going up, for two reasons; 1. because the government has now stepped in and actually dictated what landlords can and can’t do, and for how long. 2.

Tenant's failure to vacate will be considered a Holdover Tenancy and subject to the Holdover Tenancy terms dictated in this lease.Depending on your location, this may or may not be enforceable. 

The market dictates pricing so simply check to see what comparable properties to yours are currently renting at and then notify your tenants that the rent will be $x beginning on (date) and a new lease will be needed. 

Your property management agreement dictates how it is handled.

They are. dictating terms to you and it's your property!