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What happens when the eviction moratorium ends on December 31?
Is this going to lead to major civil disorder making the BLM protests look like nothing?
What happens if multi millions of people get evicted? Is that going to be riots?
They can kick the can a month or two further with some kind of phased extension but not forever.
I don't see enough jobs coming back. There is already a small new surge of COVID in NY
Many business can't survive so by Jan 1 millions of people wont have jobs to pay rent.
What happens when the eviction moratorium ends on December 31?
Is this going to lead to major civil disorder making the BLM protests look like nothing?
What happens if multi millions of people get evicted? Is that going to be riots?
They can kick the can a month or two further with some kind of phased extension but not forever.
I don't see enough jobs coming back. There is already a small new surge of COVID in NY
Many business can't survive so by Jan 1 millions of people wont have jobs to pay rent.
can anything be done to prevent this?
I'm guessing not much at all with houses. What are banks going to do? Have huge portfolios on their hands to sell at depressed prices?
I'm pretty sure the banks will work out some kind of something.
First of all, it's extremely likely that the eviction moratorium will be extended until Spring. Even after it is lifted, it can take months to run an eviction, and the courts will be so backed up that it might take a year for them to catch up.
Pity the landlords, whose property was nationalized on March 15th, 2020. They'll never collect the back rent from deadbeats (and most of those not paying rent are essentially judgement-proof, have no assets to go after, don't have wages that can be garnished). Anyone who is legal (not an illegal immigrant, not working under the table) would have received enhanced unemployment, plus the stimulus, would have been able to pay their rent. But since there are no consequences, they don't. Imagine being an owner of a two family. You live in one side, and the person who you rent to on the other side stopped paying rent in March, hasn't paid rent in 7 months, figures that they'll just stay there living for free for the duration, and move out just before they're evicted. The LL will go bankrupt trying to pay his bills, and the tenant will get off with, at worst, a small claims court judgement against him, that the LL won't ever be able to collect on, because our government confiscated the use of the LL's property, with no compensation.
They will be kicked out eventually. Landlords will still file as soon as possible to get their spot in line before the thousands of others. Also, judgements will be put against them which will make it nearly impossible for them to ever advance in life until those liens are cleared. They wont ever be able to buy or sell a house etc. One of my current non-paying tenants, I know she's broke, but her parents own their own homes, so when they die she will have a large inheritance, therefore I will get what's rightfully mine. It may take years but in the end I always get my money and they won't be off the hook that easily. Also, they lose their entire security deposit, and will be responsible for the past due rent they owe ontop of late fees and my attorney legal fees.
They will be kicked out eventually. Landlords will still file as soon as possible to get their spot in line before the thousands of others. Also, judgements will be put against them which will make it nearly impossible for them to ever advance in life until those liens are cleared. They wont ever be able to buy or sell a house etc. One of my current non-paying tenants, I know she's broke, but her parents own their own homes, so when they die she will have a large inheritance, therefore I will get what's rightfully mine. It may take years but in the end I always get my money and they won't be off the hook that easily. Also, they lose their entire security deposit, and will be responsible for the past due rent they owe ontop of late fees and my attorney legal fees.
My lawyer (I'm dealing with a group of idiot college kids/ tenants who think they can use their ethnicity to get out of paying rent during Covid) told me that he had a closing with an early 30 -something who had a "blemish" on his record from a college rental.
Lawyer's early 30-something client couldn't close on his townhouse until he paid the $2K+ in arrears/judgement (in his name AND his college roommates, but apparently his college roommates are still living in their parent's basements - so the judgement had yet to be paid off).
Location: Stuck on the East Coast, hoping to head West
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The courts in my state are hearing eviction cases, but the evictions will not have an actual eviction date until Jan. I have no idea how that will play out.
First of all, it's extremely likely that the eviction moratorium will be extended until Spring. Even after it is lifted, it can take months to run an eviction, and the courts will be so backed up that it might take a year for them to catch up.
Pity the landlords, whose property was nationalized on March 15th, 2020. They'll never collect the back rent from deadbeats (and most of those not paying rent are essentially judgement-proof, have no assets to go after, don't have wages that can be garnished). Anyone who is legal (not an illegal immigrant, not working under the table) would have received enhanced unemployment, plus the stimulus, would have been able to pay their rent. But since there are no consequences, they don't. Imagine being an owner of a two family. You live in one side, and the person who you rent to on the other side stopped paying rent in March, hasn't paid rent in 7 months, figures that they'll just stay there living for free for the duration, and move out just before they're evicted. The LL will go bankrupt trying to pay his bills, and the tenant will get off with, at worst, a small claims court judgement against him, that the LL won't ever be able to collect on, because our government confiscated the use of the LL's property, with no compensation.
There is an unemployment benefit extension of 6 weeks of $300 payments, total $1,800
There will be a phased in approach is my guess. If you were behind before Covid, then you will probably be the first to get evicted. Next, are the people who have an income but are refusing to make payments and deal with the landlord. People who are trying to pay will probably work with the landlord or leave of their own accord. If the properties get foreclosed, those tenants will be booted because banks are a lot less understanding and have more legal resources than landlords. If teh property gets sold, those tenants can be booted at the end of the lease and, if the new owner wants it as their primary residence, they can kick out the tenants even sooner. Too bad so many people have no idea that they are putting themselves and their credit in such a precarious situation thinking they will somehow get rent forgiveness or riot their way out of it.
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