[eventusstultorummagister]

BREAKING: Effective today, Las Vegas Justice Court is halting eviction proceedings because of #coronavirus outbreak, according to administrative order signed by court's chief justice.

[Tarara Boomdea]

I don't know when it started but it already has close to 50,000 signatures. A lot of unhappy people out there.

https://www.change.org/p/nevada-stat...as-rent-freeze

Act Now: Temp Las Vegas Rent Freeze

To the Las Vegas City Council, and all local entities:

We the undersigned residents are gripped by the COVID-19 crisis, with jobs sending people home, sick time limited or non-existent, and little to no rise in the minimum wage in comparison to the cost of living within our areas of work in the past thirty or so years.

Las Vegas and the surrounding areas are faced with an extreme housing crisis - what has been labeled a housing state of emergency. This misnomer implies there is a lack of available homes, when in fact thousands upon thousands of units stand empty in every building across our counties. Where apartments stand idle, mothers die outside. Where the elderly cannot find a place to sit, our city authorities turn a blind eye in order to promote private business interests.

As we the undersigned believe, you are in fact held to the highest position of account to the people of Nevada and are in fact our employees. You are failing us at every turn when you put private financial interest above the common good of all people. We believe it is our common good to create an area-wide rent freeze now, not later, not next month, but now.

Without work, without sick days, many of us will not be able to afford our rents come April 1st. We will not be able to afford this rent retroactively. We will not have this money at some later date. We are hard-working people who barely have enough to pay one month’s rent at a time.

continues...

[ddrhazy]

Vanguard REITs are down 30% and they were down ~45% on Mar 23rd. Stocks looking better after the dust settles from this whole pandemic vs rentals. At least with stocks you had the option to move your money out if you weren't greedy and cut your losses at the end of February instead of hoping for multiple rallies to save the the last 2 quarters of the 2019 bull market appreciations.

Looks like California, Oregon, Washington and New York state are faring better as unemployment claims are concerned as work from home is doable for a lot of jobs in those states. Vegas is being hit hard by unemployment claims but there are places even worse hit like Pennsylvania, Kentucky and Louisiana. Tourism and extractions economies are unable to cope in the same ways financial and tech economies are. However, finance and tech may eventually start to crack as well and will have it's own problems of high cost of living to boot. We are in uncharted waters here and it's tough to say what will happen.

I think a lot of landlords will wash their hands of their portfolios after this and we'll have hedge funds taking an even bigger share of the housing stock. They are more business like about dealing with recessions and will price their rentals at cutthroat rates in the bull market to offset the eventual next bust swing. Mom and pop landlords who self manage and are able to pass that management fee as savings in a reduced rent will shed their holdings. In the short term we'll obviously see lower rents, but longer term as the market is monopolized by fewer and fewer players, it will drive the up overall rental rates throughout the country.

[ChrisMT]

Originally Posted by ddrhazy

Vanguard REITs are down 30% and they were down ~45% on Mar 23rd. Stocks looking better after the dust settles from this whole pandemic vs rentals. At least with stocks you had the option to move your money out if you weren't greedy and cut your losses at the end of February instead of hoping for multiple rallies to save the the last 2 quarters of the 2019 bull market appreciations.

Looks like California, Oregon, Washington and New York state are faring better as unemployment claims are concerned as work from home is doable for a lot of jobs in those states. Vegas is being hit hard by unemployment claims but there are places even worse hit like Pennsylvania, Kentucky and Louisiana. Tourism and extractions economies are unable to cope in the same ways financial and tech economies are. However, finance and tech may eventually start to crack as well and will have it's own problems of high cost of living to boot. We are in uncharted waters here and it's tough to say what will happen.

I think a lot of landlords will wash their hands of their portfolios after this and we'll have hedge funds taking an even bigger share of the housing stock. They are more business like about dealing with recessions and will price their rentals at cutthroat rates in the bull market to offset the eventual next bust swing. Mom and pop landlords who self manage and are able to pass that management fee as savings in a reduced rent will shed their holdings. In the short term we'll obviously see lower rents, but longer term as the market is monopolized by fewer and fewer players, it will drive the up overall rental rates throughout the country.

Exactly.

Many landlords are just average residents who have mortgages, upkeep, taxes and utilities to pay on the properties they are renting out. We are investors, not a charitable organization. Although ma and pa landlords are way better for the tenants in their properties to work with than a cold property management business.

I own a property that I rent for about $500 under market due to a long-term tenant. I already told that tenant to just pay what they can afford for now. After this past legislative session I have been thinking about selling the home because it feels like landlords are being demonized as a political tactic and who wants that thrown at them?

If I sold the home, my tenant of over 5 years would be forced to find another property at market rates...the same rent she is paying now for a 3 bedroom 2 bath 2 car garage single family home in a nice neighborhood, would be a small apartment.

Although, I agree with limiting evictions at this time....is anyone helping the property owners to make their mortgage payments and taxes, utility payments and maintenance? We need to be realistic about the situation from all points of view.

Best wishes to everyone in these difficult circumstances.

[Caltovegas]

What is happening today just isn't normal. The government flipped the switch and just shut the economy down. Vegas worst fear became a reality. So one can't really blame those with financial issues totally.

The Gov says stay home. The Gov says close down your business. So what are the masses to do? Vegas will reopen and this to will pass. Some will be wiser and many will just get back on the same path.

Let's see what happens after April 16th. If all landlords dump tenants who will they replace them with? That's when competition will drop rents...

[airics]

Here’s what’s going to happen if they freeze rent payments for 2 months (apr 1, may 1). On June 1, you will owe for 3 months. You won’t have it. By June 15 you’ll be evicted (if cona is done).
If you got laid off due to cona, that’s not an excuse. File unemployment and get the extra $. You actually got a raise

This is just an opinion, I don’t have rental property in Vegas

[boatpi]

I am with ChrisMT, this is OK for 30 days, but beyond that it could be eviction anyway. I have 5 houses, all are fine expect one, who I believe is using me for a bank. He makes $, so I know he has cash. I let him slide for April, so come May 1st rent is due and we can play catch up later. If Vegas is closed of 30 days, then folks lost 30 days of pay for the most part. I pisses me off is some will not work at anything beyond what their employment field to make it. That I will never get. But some of that attitude in the the reefer lines I see.

[equid0x]

Originally Posted by ddrhazy

Vanguard REITs are down 30% and they were down ~45% on Mar 23rd. Stocks looking better after the dust settles from this whole pandemic vs rentals. At least with stocks you had the option to move your money out if you weren't greedy and cut your losses at the end of February instead of hoping for multiple rallies to save the the last 2 quarters of the 2019 bull market appreciations.

Looks like California, Oregon, Washington and New York state are faring better as unemployment claims are concerned as work from home is doable for a lot of jobs in those states. Vegas is being hit hard by unemployment claims but there are places even worse hit like Pennsylvania, Kentucky and Louisiana. Tourism and extractions economies are unable to cope in the same ways financial and tech economies are. However, finance and tech may eventually start to crack as well and will have it's own problems of high cost of living to boot. We are in uncharted waters here and it's tough to say what will happen.

I think a lot of landlords will wash their hands of their portfolios after this and we'll have hedge funds taking an even bigger share of the housing stock. They are more business like about dealing with recessions and will price their rentals at cutthroat rates in the bull market to offset the eventual next bust swing. Mom and pop landlords who self manage and are able to pass that management fee as savings in a reduced rent will shed their holdings. In the short term we'll obviously see lower rents, but longer term as the market is monopolized by fewer and fewer players, it will drive the up overall rental rates throughout the country.

As long as the flood of Californians doesn't stop, rents aren't going anywhere but up.

I've lived in a region that is going through a growth phase similar to Vegas and in another 10-15 years we're going to be at SF pricing if people don't stop pouring in.

Same stuff happened in the DC area in late 90s... condos that sold for $55K in 2000 were selling for $300K by '08. They took a 25% haircut until about 2012 and then continued right back on the same track as before.

Apartments that were renting for $700/mth in 2000 were renting for $1700-$1800/mth by 2015. Rents never stopped increasing, even during the downturn.

Stuff that was actually in or near the city? Forget it. Row houses that used to go for $250K in '00 were selling for $1.25M in '15.

[equid0x]

Originally Posted by airics

Here’s what’s going to happen if they freeze rent payments for 2 months (apr 1, may 1). On June 1, you will owe for 3 months. You won’t have it. By June 15 you’ll be evicted (if cona is done).
If you got laid off due to cona, that’s not an excuse. File unemployment and get the extra $. You actually got a raise

This is just an opinion, I don’t have rental property in Vegas

You hit it dead on. These property managers could care less about the tenants. Personally, I wouldn't either. If they can't pay, then GTFO. They don't run a charity.

Its the government who has called for this ridiculous shutdown, and its the government that should have already had an emergency plan in place to deal with this contingency.

[Teacher Terry]

I seriously doubt that the state will reopen magically on 4/16. That is when the virus is expected to peak here.