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Landlords in California will have millions of renters not paying a penny for 11 months, while property taxes, utilities, principle, interest, property taxes, insurance come due.
There will be millions of units not turning over which sends rents and home prices skyrocketing. Just a phony way of manipulating the market and the economic chickens will come home to roost.
Millions of Californians will be able to get 11 months paying zero rent with no eviction and then they just walk away while the landlords still have to pay a fortune in utilities, maintance and property taxes.
This 11 months of free rent means that apartments and homes won't turn over their inventory which will send vacancy rates collapsing and homes won't be sale because the landlords can't sell them when someone is in their 11 months rent free.
Wow, I have to admit I am jealous. I pay my rent and a majority pay their mortgages each month.
There are about 110 million people living in rented housing in the US. About 10% of people with a work history are now unemployed.
Every state has an eviction process.
Trump signed the CARES Act that shielded about 1/3 of renters from potential eviction. It also provided some relief for a large percentage of property owners, facing potential foreclosure and eviction. This Act expired 7/31.
On 8/8, Trump issued an EO that made clear his administration’s goal is to prevent mass homelessness as a result of eviction. It’s a placeholder, pending action by Congress.
American Airlines is the first commercial carrier to make clear it will need to furlough thousands of pilots, flight attendants, mechanics, etc if another 6 month round of stimulus funfpds is not forthcoming. Given most of the world does not welcome US people, has put a serious dent in international travel. Hawaii does not welcome people from the mainland.
Disney recently announced it was reducing already reduced hours in peak season due to lackluster attendance. The “ open and they will come” strategy did not work.
Unless the federal/ state/ county and local governments take action to suspend evictions, the homeless situation throughout the US will explode.
Anyone recall the tent cities that exploded when the bubble popped in the 2000’s?
Many of those people managed to remain in their homes for a few years and did so without paying a dime towards their mortgage and property taxes. Depending on state, some have managed to remain in their homes for years.
A percentage of foreclosureS are strategic- intentional.
I am not thrilled with using government funds and muscle to delay foreclosures and evictions. I am less thrilled with what happens if funds and muscle are not used.
Nope, I am in the right, THEY were in the wrong. Period. Want to be a landlord than do it correctly. No overpriced rent, fix things when they break or just take care of the rental in general. You do that, I pay my rent in full on time.
There is no such thing as "overpriced rent" in an occupied apartment/home.
It is only overpriced when nobody will rent it for the price the owner is asking.
Trump said that he is holding up unemployment benefits because he wants to cripple the post office before the election. Because of that, people can't pay their rent.
There is no such thing as "overpriced rent" in an occupied apartment/home.
It is only overpriced when nobody will rent it for the price the owner is asking.
This. Sounds like they are charging appropriate rent you just aren’t happy with it. If it was overpriced people wouldn’t rent it. I don’t care about people’s opinions, it’s fair to charge its value. If people want to live in New York and pay 10k a month for a closet it’s up to them to decide that, the landlord just provides the closet at the price people pay. It’s up to you the person to sign that contract
Your feelings on it being overpriced are irrelevant
Makes sense, socialists want other peoples money. They are the definition of greedy.
Socialism and capitalism coexist in the US
Seems most folk cherry pick when it comes to socialism. Some seem more focused on the stereotypical welfare mama and don’t bat an eye at the rest.
Why should the people in Arizona pay for those who choose to live in places prone to destruction caused by weather?
How much will be spent on relief this hurricane/ tropical storm/ tornado season?
Why did Congress reverse its intention to require those who live in areas prone to flood risks from paying more towards insuring those risks?
Why do states/ counties/ local governments compete for federal handouts for infrastructure and road projects instead of using their own revenues to do so?
Why does a homeowner with no children pay the same property taxes as a neighbor with 4 school- aged children, all else being equal?
Why do those with children pay less tax than those with children, all else being equal?
Why does the Federal Government forgive outstanding balances of student loans after a 10 year history of payment, when one works for a government or 501 (c) 3 Corp? This includes most hospitals and schools.
Why do Federal employees have richer employee benefits than most taxpayers?
I could fill pages with examples of socialism in the US and it persists no matter who or party sitting the oval.
I really have zero sympathy for 99% of landlords. Greedy pricks the lot of them. My current one included. I hope she has fun trying to sell this dump after we move out in February. We have had to threaten to cut the rent and hire a worker ourselves before she would send out someone to empty the septic, fix the AC etc. She wants 210,000$ for this place. Technically its 5 bedrooms 3 bathrooms but 2 bedrooms are downstairs in an unfinished basement, the AC unit is WAY too small for the house so electric bills are over 400$ a month in the summer, windows are as old as the house so 1983, she won't fix ANYTHING unless we threaten to cut rent and hire someone ourselves. 6 more months and we are GONE! To think she wanted us to buy this dump. Only 1 reason we rented it PERIOD.
You don’t like your landlord so 99% are greedy p’s?
And when he can no longer afford to pay the taxes, the state/city will take it over and there you have instant socialism.
When the monthly nut includes property taxes, the mortgage servicer pays those taxes regardless of the owner.
If an owner fails to pay his property taxes, a local government will typically sell a tax lien to the highest bidder who will pay the taxes in exchange for the eventual opportunity to foreclose on the property. If there is an outstanding mortgage balance, the lender will initiate foreclosure and Trump the tax lien
Generally speaking, the state/ city rarely takes property unless it has no value, thus no bidders.
I appreciate there are different state/ county/ local laws that impact processes and timing.
I believe Romania has the highest home ownership rate in the world at 96%. As I understand it, the government once owned 75% of all apartments in the country. At the end of Communist rule in the early 90’s, government sold apartments dirt cheap to occupants. A substantial number of these units and the structures are is varying states of disrepair because owners cannot afford to maintain the units and building structures.
Nonetheless, Romania experienced a housing bubble like what happened throughout most of the developed world in the first half of the 2,000’s. Prices increased ten- fold as did rents for those who did not own.
They should extend the same for anyone with collateralized debt. LL should be able to miss 11 months of mortgages before Bank can foreclose, homeowners same.
Many lenders/ mortgage servicing companies have been negotiating with owners unable to pay their mortgages.
They are tacking one missed payments to the back end of the mortgage instead of initiating foreclosure.
Unlike landlords, lenders have a perfected security interest in the property.
Nope, I am in the right, THEY were in the wrong. Period. Want to be a landlord than do it correctly. No overpriced rent, fix things when they break or just take care of the rental in general. You do that, I pay my rent in full on time.
What is “overpriced rent”?
Everything rents or sells for what the market is willing to pay at any point it time.
Trump said that he is holding up unemployment benefits because he wants to cripple the post office before the election. Because of that, people can't pay their rent.
I assume you are referring to the unemployment topper that was $600/ week through the end of July.
Congress failed to act.
Trump announced a $400/ week topper. Problem was and remains the federal government can’t fund it without Congress. The House blames the Senate and vice- versa.
Something will come together in September. It’s an election year, after all.
Last thing Trump needs is for unemployment to soar in the weeks before the election.
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