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Not all money goes to banks. Investors can be individuals or pension funds etc. We need capital investors no reason to dink the. When they did not cause covid and the shutdowns. We need to know the source of covid and reason it impacted so many. I dispose so called news orgs that dismissed possible causes wrongly for political reasons. That is not following the science as must. sinking them. Aqqqa
This is just another plan to put the taxpayer on the hook for all rent. Not renters, not landlords: taxpayers fund everything. How nice. Until the money runs out. Then what?
While I think CA government is insane and has been for some time, why should renters get a free ride on the backs of landlords?
Most landlords are not multi-millionaires who people assume can take indefinite losses. Many have mortgages to pay based on collected rent from tenants.
But even if they were uber rich, why should low income people get a pass for being irresponsible, and the producers (who pay most of the taxes anyway), get stuck with the bill?
Many small landlords were put in very difficult positions. They did not get the funding they needed to cover the lost rent created by government action. It is only fair that the government compensate them for the losses they incurred via the eviction moratorium which eliminated the legal avenue for landlords to follow to remove tenants who do not pay their rent. I know a few people who own small multifamily properties who have not received any rent from their tenants during the entire moratorium despite the fact that some of these tenants did not lose their job during the pandemic. Additionally, the landlords still needed to respond to tenant requests for repairs, etc., and ensure that properties were being properly maintained during the shutdown. They bore all the costs, and some landlords had lost their own jobs. Some were forced to sell their properties last year (at discounted prices) as the end of the moratorium kept being pushed out and they could no longer cover the expenses. Not all landlords are large, corporate, owners. Many are just people who bought a multifamily or two over time that they fixed up and maintained on their own to provide supplemental income to their modest jobs.
While I think CA government is insane and has been for some time, why should renters get a free ride on the backs of landlords?
Most landlords are not multi-millionaires who people assume can take indefinite losses. Many have mortgages to pay based on collected rent from tenants.
But even if they were uber rich, why should low income people get a pass for being irresponsible, and the producers (who pay most of the taxes anyway), get stuck with the bill?
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Most renters aren't freeloaders. They legit lost their jobs during the pandemic, and couldn't make rent.
Property owners pay tax, but it's not like they're getting nothing out of it. Being a property owner provides some nice options that renters don't.
Fair enough, I think. The government told my renters they did not have to pay rent and told me I could not evict them if they did not pay.
Seems to me the government owes me money.
Most renters aren't freeloaders. They legit lost their jobs during the pandemic, and couldn't make rent.
Property owners pay tax, but it's not like they're getting nothing out of it. Being a property owner provides some nice options that renters don't.
But your over simplistic statement overlooks something...the landlord provides a "service", in exchange for rent money. The service includes a roof over the tenants head, running water, and electricity. Currently, the Government has stepped in and said that the landlord cannot evict the tenant for non payment of rent.....but the landlord is still expected to provide a roof, water, and electricity, AND PAY FOR IT OUT OF HIS OWN POCKET.
This Covid fiasco has been going on for close to 18 months, and for the sake of simplicity, let's say that the average, decent sized apartment rents for $1000/month. That means the average landlord is out $18,000. How many renters, do you think, will either be honest enough, or better yet, have that $18,000 to pay the landlord, when the "rent vacation" legally comes to an end? This means that a LOT of landlords are going to be "taking it in the shorts". Will they at least be able to take a tax deduction for this loss??
But your over simplistic statement overlooks something...the landlord provides a "service", in exchange for rent money. The service includes a roof over the tenants head, running water, and electricity. Currently, the Government has stepped in and said that the landlord cannot evict the tenant for non payment of rent.....but the landlord is still expected to provide a roof, water, and electricity, AND PAY FOR IT OUT OF HIS OWN POCKET.
This Covid fiasco has been going on for close to 18 months, and for the sake of simplicity, let's say that the average, decent sized apartment rents for $1000/month. That means the average landlord is out $18,000. How many renters, do you think, will either be honest enough, or better yet, have that $18,000 to pay the landlord, when the "rent vacation" legally comes to an end? This means that a LOT of landlords are going to be "taking it in the shorts". Will they at least be able to take a tax deduction for this loss??
This is absolutely nuts!!
If they haven't reported the rents as income (accrual basis) then there is no bad debt deduction available. Their tax deduction would be the expenses they incurred along the way.
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