If landlords evict tenants who can't pay their rent because the pandemic has eliminated their

[Atticus]

jobs, where do they expect to find replacement renters? Do they really believe there are millions of employed Americans who do not already have a place to live?

If there is to be a moratorium on paying rent, should there not also be a moratorium on landlords' mortgage obligations?

Trump's "Fuck you!" attitude is costing wealthy people profit; it is costing the poor---and much of the middle class---food, shelter and medical care.

[beachbumbob]

1. a pandenic plan would have addressed this very issue

[underpants]

2. Somewhere up the line someone has to take a bite

If the landlords can work something out with their tenants it’s better to get SOMETHING and keep good tenants. Sending themselves out for renters who, as you point out, probably don’t exist let alone lord knows who you are going to get.

The landlords regardless of size have notes to pay too. Maybe they are working something out with their bank or mortgage holder but THEY have to make payments too. Someone has to take the hit somewhere UP the line.

Think about all those college towns too Atticus. Maybe they already had leases worked out starting well today* - are they moving in? Is the lease still valid? If I’m paying I’m going and living there if I didn’t stay in town anyway.


*thanks I have to call and pay my mortgage. Refi’ed, signing on the 24th. Saving $500/month and no payment until October.

[uponit7771]

8. The banks, we bailed them out big time now they're quite

[uponit7771]

9. The banks, Americans bailed them out big time now they're quite

[underpants]

11. You can almost say that again

I had at technical glitch earlier myself. “Inflatable mattress” corrected to “inflatable mistresses”

[RazzleCat]

15. Well thought out

I have been both a very small time land lord (4 unit building), and a mid size property manager. Yes the owners also have a loan to pay, one other item to factor in is that the property holder has some other expenses that are included in your rent. Taxes, common area utilities (think lights, water, heat in halls, exterior, and water in basements for washer dryers), common amenities, such as trash removal and trash receptacle rental, many times they also have to pay all sewage fees as the it is just one line, not separate lines to each unit. As the landlord you don't get to lower any of these bills when a unit is unoccupied. They also have to continue to maintain the renters units, including appliances, and basic repairs (windows, doors etc).

Sadly many times a vacant unit is less expensive to care for than a unit occupied by a non paying tenet. At first this sounds dumb, except you are avoiding the wear and tear on the units amenities, and you have free rein to update it when its un occupied, you can even delay a major appliance purchase when you have an empty, you rob Peter to pay Paul. So refrigerator dead in unit 2A, take the one from 1B (that empty), then rent 1B for less but don't include the refrigerator in the lease.

I do not know current tax laws, but it used to be better tax wise to have an empty unit to write off as a loss rather than an occupied unit that was not paying.

One other item on an empty unit you can now set the lease for what the market dictates. So if your renting for 2K a month on a lease, but due to loss of demand you can relet the empty for 17K, and then offer current renters a special for re-letting (say one month free or something comparable to the lower rent now being offered).

[snowybirdie]

3. Do you think

Jared, with his many rental properties, will forego evictions? It would make a great Biden commercial to show the Kushners throwing out it's tenants.

[fescuerescue]

4. I'm sure that's a huge worry

From the landlord side, if they can't pay their mortgage, not only will they lose the house, the bank will evict the tenants.

The landlord really has no choice but to hope to find someone else who can pay. Maybe they won't, if not, the result is exactly the same. Tenants evicted and house gone.

But they figure it's worth trying.

[world wide wally]

5. A lose-lose plan

[Trenzalore]

6. This is where the dominoes start to fall

Many of the places being rented are being financed by a bank so the landlord has a mortgage note they have to pay on. The banks borrowed that money and packaged it in collateral based mortgage obligations. The CMOs got that from some wealthy people but also people's pension and retirement accounts.

So on day one you kick the renter out on day 90 you are defaulting on pensioners.

[duforsure]

10. Yeah trumps claims to being a great businessman is exposed

Proving he's a complete failure, other than being a career criminal.

[krispos42]

12. You can't evict somebody if the courts are closed

I get the feeling this is going to be a hard lesson for landlords once the renters resize this.

"So, where's the eviction notice from the court? Don't have one? Goodbye." *slam*

[Atticus]

14. The courts will not close, but the irony is that some of the same Trumpie sheriffs who

refuse to enforce masking orders will evict people "because it is their duty".

[former9thward]

20. And then landlords will refuse to make needed repairs and maintenance.

So the housing stock will quickly dwindle. Great solution.

[krispos42]

21. That's a long term problem that also hurts the landlord

If it gets so terrible the tenant leaves, it means the landlord then has to fix everything up before the place goes back on the market, so no money is being saved, and some problems will grow enormously if not taken care up promptly. Water leaks can rot out floors, ceilings, and walls, and then there can be mold growth, too.

Not to mention that the renters market is about to collapse. With no job and no income, many people are going to move in with relatives until things improve. With a supply glut, rental prices will probably fall too, so landlords will be forced to lower their prices

[former9thward]

22. Except that landlords are not forced to do anything.

As any one who has driven through the south and west sides of Chicago, Detroit and a host of other cities would know as they witness tens of thousands of abandoned buildings, houses and vacant lots.

[rickford66]

13. Can landlords use lost rent as an expense on their taxes ?

That could be a way to keep tenets until they can go back to work.

[aikoaiko]

16. A moratorium on mortgage payment for landlords really is needed.

I bought a small condo in 2004 but decided to rent it out when I moved into a new place with my wife and kid.

When the financial crash hit, the value dropped way below my loan balance.

I rented it out for 10 years because the values never really came back for a low-end condo.

If I didn't get rent for more than 2 months, I wouldn't have been able to pay the mortgage.

The banks would have foreclosed and the tenant kicked out.

[Mosby]

17. A rent reduction will create new demand for the unit.

leaving a non paying renter in a unit is a bad idea.

I don't know if you heard but June home sales just set a record, so people are still moving around and need homes and apartments.

[Atticus]

19. How much "reduced rent" would be expected from someone with NO income?

Leaving a non-paying renter in a unit---in these circumstances---is a humane idea.

Would you steal if necessary to feed your family? I would.

Would you stand with other tenants to physically resist authorities trying to put tenants onto the street? I would.

Once the first domino is toppled, "unintended consequences" tend to cascade.

[customerserviceguy]

18. Interesting idea

about a moratorium on mortgage payments for landlords.

Would you extend it to property taxes, whole-building utilities, and repair bills, too?