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MOST tenants don't stop paying rent because they lost their job after falling ill and getting a divorce. This is rare. MOST tenants stop paying rent because they can get away with it.
I have lost my job (I am also married). It would never occur to me to sit in someone's property and not pay rent or attempt to find resources to pay rent. My lack of planning should not be a stranger's problem.
I was unemployed for a year during the recession and my landlord then did not miss a single rent payment.
I pay the paltry $60 a month for extra disability insurance which will pay me for up to a year if a I fall ill. If I am still ill after a year I can apply for permanent disability or move somewhere more affordable or find a friend or family who can temporarily accomodate me.
A divorce likewise should not leave anyone destitute. As one should always have emergency savings. I was always taught to have "f U money" when you are dating and married. That should be enough to keep me going for 6 months here in high cost of living area or longer in lower cost of living states.
This lack of pride and entitlement is unheard of in my country. It would be a total embarrassment to sit on one's ass and not try EVERYTHING to provide for one's self expecting a stranger to provide for your needs while you throw your hands in the air. And we have NONE of the social safety nets available in the USA.
The same people who are claiming poverty are the ones with a closet full of clothes, a house full of things. new cars. Mindless spending. Unnecessary consumer debt.
I didn’t say most tenants . I said that trifecta eventually hits the good tenants and if you landlord long enough their problem becomes your problem.
There is no way to prescreen for who is going to come through unscathed and who isn’t
This thread is a dumpster fire. Why bother arguing with someone who is clearly arguing in bad faith?
Having tenants not pay is a risk of doing business. Having government effectively suspend the rule of law is NOT a risk of doing business. If this was a real risk, we could wouldn'tt be the US. We'd be one of the other 100+ (mostly non European/select Asian) **** hole countries where the government does whatever they want based on whomever is in power at the time.
This thread is a dumpster fire. Why bother arguing with someone who is clearly arguing in bad faith?
Having tenants not pay is a risk of doing business. Having government effectively suspend the rule of law is NOT a risk of doing business. If this was a real risk, we could wouldn'tt be the US. We'd be one of the other 100+ (mostly non European/select Asian) **** hole countries where the government does whatever they want based on whomever is in power at the time.
Sadly maybe we are becoming that. If the Government is worried about homelessness let them DO something about it. They put up massive tents and took over stadiums and the like for Covid victims. They could do the same for any homeless that evictions create. They have rested on their laurels while placing the burden squarely on the backs of Landlords.
How about a moratorium on property tax? Why isnt that on anyone's minds? A moratorium on insurance and utilities, until our government has time to fix what they created?
Landlords would still be at a loss because there is still nothing for maintenance, but at least those moratoriums for Landlords would be something...
A moratorium won’t help since if you don’t pay your accumulated taxes you loose whatever equity and money you put in to the property .
Renters on the other hand simply don’t pay or renegotiate accumulated rent ……if push comes to shove they will just declare bankruptcy .
Overall in nyc renters tend to be a poorer bunch so it may not Be a big deal for some to just declare bankruptcy and owe nothing.
Most renters can never come up with 18 months of accumulated rent plus current expenses so bankruptcy for them is a very viable option since they have little to lose .
I didn’t say most tenants . I said that trifecta eventually hits the good tenants and if you landlord long enough their problem becomes your problem.
There is no way to prescreen for who is going to come through unscathed and who isn’t
If we had access to the data, I'd bet that non paying tenants (let's say more than 3 months) are heavily concentrated among certain races and incomes.
While nothing carries 0% risk, some is near 0. The odds of dying in a car wreck going less than 30mph is around 1% as an example.
Starting out with good credit reports really puts the odds in your favor …it shows not only an ability to pay but a want to pay .
For 30 plus years we never had an issue with any of our tenants except the last one who went through a divorce . …we also were allowed to get first months rent , last months rent and a months security in our non stabilized apartments..
That three months up front acted as a filter eliminating those living hand to mouth ..now you can’t do that
If we had access to the data, I'd bet that non paying tenants (let's say more than 3 months) are heavily concentrated among certain races and incomes.
While nothing carries 0% risk, some is near 0. The odds of dying in a car wreck going less than 30mph is around 1% as an example.
The problem with statistics is as humans we usually only have two outcomes ..it’s us something happened to or it ISN’T Us , since someone has to be on the wrong side of a statistic .
Odds of dying young are very very slim yet many raising a family want life insurance .
To an insurer statistics are very important..they can tell us how many of us will die a year …but they can’t tell us who so it can be anyone of us.
So we have to assume that anything that can be devastating if it happened to us can happen to us and so we insure or protect against those small odds since we don’t know who it will be on the wrong side of things.
Never ever would I have thought my wife and I who avoided covid for a year , are in excellent physical shape going to end up hospitalized for covid.
Well both of us were ,for weeks despite very low odds of that .
So bad stuff happens no matter what the odds , we just don’t know if it is to us
This thread is a dumpster fire. Why bother arguing with someone who is clearly arguing in bad faith?
Having tenants not pay is a risk of doing business. Having government effectively suspend the rule of law is NOT a risk of doing business. If this was a real risk, we could wouldn'tt be the US. We'd be one of the other 100+ (mostly non European/select Asian) **** hole countries where the government does whatever they want based on whomever is in power at the time.
Haha but you came to play in the dumpster fire
Irony much. Let me guess. Are you a small LL with no attorney on retainer too?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
How about a moratorium on property tax? Why isnt that on anyone's minds? A moratorium on insurance and utilities, until our government has time to fix what they created?
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