Related to this:
Did the moratorium prevent banks from foreclosing on multi-residence properties if the owner had not paid mortgages? If so, then the landlords aren’t evil argument goes out the window.
If not, then there’s an interesting question of who gets to lose; renters or property owners (who as noted above are not all megamillionaires). Because we all know that it’s not the banks that are going to be forced to absorb any losses.
But then they would have to vote against the donor class, which is against the prime directive. So they kick the can down the road, hoping that the peasants won’t notice and will keep voting them in.
Landlords: People of the world, hear our plight! We need to hurry up and get these tenants evicted so we can raise the rent and get new people in there that can’t afford it!!
More people are doing to die. On the streets. But sure… let’s just pretend like sticking to the letter of the law and letting that happen is okay… /s
Both the CARES and PPP included money to support landlords through the eviction moratorium. I’m not seeing homeless landlords around here.
Unless, by “financial ruin” you mean that they have to sell their wakeboard boat.
If only the government could place and extend the same sorts of temporary moratoriums on banks collecting mortgage payments during a crisis as they were able to impose similar emergency jubilees on landlords collecting rent.
Nah, let’s just keep placing most of the burden on renters and mom-and-pop landlords. That’ll solve things! More people out on the streets without health insurance couldn’t possibly prolong and worsen the situation, right?
Seriously, if there had been a mandatory freeze on all business transactions besides truly essential ones (essential for actual humans, my friends) combined with a stay-at-home order for 8-12 weeks starting back in April of 2020, the pandemic would not have caused (and still be causing) the damage we’ve seen.
Doing that, however, might give people the idea that a general strike might not be such an impossible and unworkable response to the excesses of late-stage capitalism after all. That is unacceptable to both duopoly parties.
And ultimately, that would have been better for the economy in the long run. COVID? What COVID?
“Pay a small price now or pay a lot more later” is one of my personal guidelines. Most most people in this society are conditioned to reject that and think in the short term, though.
Or offer funds to help people pay their rents. Rather than sending funds directly to the land lords, while blocking evictions. Leaving tenants holding the bag on hefty amounts of back rents they may never be able to pay back. Ultimately resulting in impoverishment, debt, eviction and the like.
Admittedly I’m not up on exactly what level of this is dangling over the housing market. But assistance for regular folks on rent or mortgages basically boiled down to those handful of one off stimulus payments. While real estate businesses, including small land lords had access to various programs.
On the commercial end large number of landlords, especially the investy sorts took the opportunity to sell. Cashing out while prices are spiking, and invalidating leases with tenants. Putting small businesses out of business. That seems to have happened quite a bit in rental housing as well. I know that commercial utility bills are being converted to 10 year loans here on the understanding that impacted business could not survive the delayed bills coming due. In terms of restaurants, many probably won’t be able to handle the additional monthly payments once this is over.
There’s a serious problem looming as soon as these eviction moratoriums end, and anyone attempts to collect back rent. If we don’t offer support it’s going to be a disaster.
Meanwhile those smaller land lords had access to government funds. And practically speaking can sell easily, at a premium, right now to extract that income. I know people who’s homes have doubled in value in the last year, and I’ve watched commercial and rental properties go at similar rates.
Two stolen Supreme Court nominations.
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