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The rent the landlord gets could be used immediately to pay his mortgage or other expenses. Since now the landlord couldn't get the rent in time and now has to find another source for the money, such as borrowing from a bank or a loan shark, delaying paying rent incurs an extra cost for the landlord.
I thought this was self-evident.
My partner just sold her last rental house a few months ago. I had been urging her to do it for years. She was barely making $100/mo after expenses, totally not worth the risk and hassle. She is feeling pretty good about it right now.
Talkin about shameless, I read the comments on the thread where whole foods people proposed mass sick callout. Some shameless people were arguing that they be thankful for their job or get fired. They speak as if they got millions. Then dont even realize that they are also on the line to get fired, instead choose to support the rich people. If you cant even realize what poor people go through, that is shameless IMO.
And probably you too, you grew up in commie china and cannot stand the success of USA. Hence in the guise of supporting capitalism, you provoke sentiments.
There's so much momentum for "Cancel Rent" movement.
Seriously, do these people have no decency at all, not just a little bit? How about canceling all costs? Free everything!!!
Yeah, it's a tough time, which is why we all should have saved. Yes, I understand people with jobs cannot pay rent.
How about "Delay Rent and Pay Back with Interest"? Now, that's something I can get on board with.
So who will pay the landlords mortgage then? Is that canceled too? His taxes? I’m sure those on the left want to make sure all the landlords bills get paid.
I do think however that some thought should be given to freezing the entire economy. Shut down stock markets, suspend ALL mortgage, loan and rents, suspend all large transactions not associated with essential business, suspend all utility payments and use federal bailout money to keep them operating....had this been done we could have preserved our economy where it was before the covid event. It still could be done. Cancel rent won’t work....freezing the economy might.
So who will pay the landlords mortgage then? Is that canceled too? His taxes? I’m sure those on the left want to make sure all the landlords bills get paid.
I do think however that some thought should be given to freezing the entire economy. Shut down stock markets, suspend ALL mortgage, loan and rents, suspend all large transactions not associated with essential business, suspend all utility payments and use federal bailout money to keep them operating....had this been done we could have preserved our economy where it was before the covid event. It still could be done. Cancel rent won’t work....freezing the economy might.
There's plenty of people who are still working, either remotely or because they're in an essential part of the economy. For low wage workers who are out of work the UI once it kicks in will largely be another way of skinning the same apple. For higher wage workers who are out of worker, they'll take on a greater amount of the suffering directly.
Talkin about shameless, I read the comments on the thread where whole foods people proposed mass sick callout. Some shameless people were arguing that they be thankful for their job or get fired. They speak as if they got millions. Then dont even realize that they are also on the line to get fired, instead choose to support the rich people. If you cant even realize what poor people go through, that is shameless IMO.
I'm not taking any sides in that but walking off the job or getting fired will probably make them ineligible for unemployment. And since the feds are supplementing UI with $600/week that would make such an action especially damaging.
It’s going to be necessary for all of those laid-off waiters and bartenders. Unless we want mass homelessness.
You're not going to have mass homelessness not matter how much you rant and fantasize.
It's called "basic contract law" which, like your healthcare system you don't understand, I'm sure totally confuses you.
Courts are closed, and any courts that are open are adjudicating criminal felonies, and even then only through teleconferences on motions.
Since courts are closed, landlords cannot file eviction actions.
Even those landlords that can (through their attorney) file electronically, the court date won't be calendared until long after this thing has passed.
This thing constitutes an Act of God. When an Act of God (or war, riots, civil unrest, electrical blackouts, tornadoes, hurricanes, earthquakes, strikes or union lockouts) prevents a party from performing on a contract, there is no remedy. Period.
The legal term is force majeure.
For any landlords who doth protest too much, a judge is likely to get aggravated and waive all rent payments during this period and the landlords won't get so much as penny.
And that is perfectly legal and based on an 800-year old precedent under English Common Law.
For those landlords who are meek and humble and apologetic and get on their hands and knees and beg and plead, a judge might actually set up a payment plan favoring the tenant and in accordance with the tenant's budget sans interest, fees and penalties. Maybe, or maybe the judge will waive the rent and all interest, fees and penalties.
That would possibly crash the entire global economy.
Maybe the US shouldn't have put all their eggs in one basket. And anyway, the US doesn't need China. It'll be an adjustment, given that people are used to shoddy cheap sweatshop products, but society will eventually adapt and adjust.
Maybe the US shouldn't have put all their eggs in one basket. And anyway, the US doesn't need China. It'll be an adjustment, given that people are used to shoddy cheap sweatshop products, but society will eventually adapt and adjust.
But what about the owners of the property? If they don't get rent, then THEY might not be able to pay their own rent, and THEY will be homeless. We are all inter-connected.
(Disclosure: Great-grandparents owned a small 7-unit apartment building in the 30s and 40s - bought in the 20s - and they had the policy of never kicking anyone out for lack of payment during the Depression, and they never did. Still, the lack of full rent coming in, while they still had to pay for their own living expenses, made for a very, very tough survival - and a hungry one at times. Let's not forget the hardship this causes owners.)
We will probably have to suspend mortgage payments on rental properties, as well as property taxes.
Will it require massive amounts of government intervention and deficit spending to keep everything going? Yes, probably.
How is "rent cancellation" a reasonable and fair expectation? Were the renters to have their "rent cancelled" and "forgiven," then the financial hardship is transferred to the landlords. Talk about progressive social welfare. It's wrong.
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