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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.
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?
The end result won't be the same for those landlords who were forced to sell at a loss or declare bankruptcy themselves. Nor is the end result the same for the taxpayers who will be forced to pay the rent bills twice... once to the tenant who didn't deserve the money and then again to the landlord who DID deserve the money.
The end result won't be the same for those landlords who were forced to sell at a loss or declare bankruptcy themselves.
Question: Did the pandemic result in a significant number of landlords being forced to sell or declare bankruptcy? I'm not a landlord anymore, so I don't frequent any forums for landlords or keep current on issues such as this.
I don't think Monday morning quarterbacking is useful in this case. The pandemic required a "Ready! Fire! Aim!" approach.
Prior to the Pandemic, the USA had the best economy in the memory of any person alive today. For example, Las Vegas' unemployment rate was in the 3.5%-range; anyone with a pulse & who could fog a mirror could get a good job.
Then the Wuhan virus made it here. Unemployment peaked at 34% in April.
Something had to be done right away.
The current problem is far different than the problem in April 2020, of course. The problem today is that Federal Government is now harming the economy rather than helping. It proves the old adage that the closest thing to perpetual motion is a "temporary" government program.
four million people quit their jobs in April 2021 according the the BLS.
Question: Did the pandemic result in a significant number of landlords being forced to sell or declare bankruptcy? I'm not a landlord anymore, so I don't frequent any forums for landlords or keep current on issues such as this.
I don't have the figures you're looking for, but I suspect that quite a few landlords have lost lots of money with devastating results due to being unable to collect rent. Here's an article about a landlord in Sacramento, CA.
"A Sacramento-based rental property owner has filed for bankruptcy, stating a lack of rent payments during the Covid-19 pandemic have sunk him financially."
Just saw on CNBC today, small landlords struggling to get Fed money. To give out money both the landlord and tenant have to fill out paperwork but the tenant has no financial incentive. So the small landlords are left twisting in the wind.
Want less affordable housing stock in America's cities? Bankrupt small landlords.
The one landlord I saw interviewed was a middle aged black guy. I'm guessing he didn't inherit his buildings; probably works his butt off keeping them nice. I've been a landlord so I know what a hassle it can be to make a few bucks.
Just saw on CNBC today, small landlords struggling to get Fed money. To give out money both the landlord and tenant have to fill out paperwork but the tenant has no financial incentive. So the small landlords are left twisting in the wind.
Want less affordable housing stock in America's cities? Bankrupt small landlords.
The one landlord I saw interviewed was a middle aged black guy. I'm guessing he didn't inherit his buildings; probably works his butt off keeping them nice. I've been a landlord so I know what a hassle it can be to make a few bucks.
Exactly, the government is doing their best to give institutional investors control over all of the residential rental stock, they're much better situated to be able to afford the carry costs with non-paying tenants.
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