Economy Landlords look for an exit amid federal eviction moratorium

[Rational Poster]

How the fuck, after getting oodles of unemployment and other goodies and having 18 months to look for a job, can't mother fuckers afford rent? Give me a fucking break.

It's not necessarily about not being able to pay rent now, but the months of back rent.

 

[Cooz]

It differs state to state and even city to city. But $50B was allocated for these state run programs between the two stimulus. Most of them that I have looked into offer up 15 months of rent assistance and have to be filed jointly in some way.

Covid forbearance on federal backed loans (the majority of loans) has no impact generally other than extended the duration of the loan. If you missed 9 months of payments, then your loan is extended by 9 months with no penalty.

That's actually pretty good regarding the rent assistance. I haven't heard of anyone in my circles take advantage including some that are slumlords in baltimore. But you notice a major flaw with that? a joint effort between tenant and landlord. You think either party is made up of former straight a students? people are going to drag their feet, or not respond, or just be irresponsbiel about the whole thing, making it a nigthmare to take advantage.

Regarding forbearance, there are major ramifications, because there is such a disconnect and cluster in the industry. I don't know if the rules have changed since, but as of the first quarter of this year, if you had forbearance on your record it had a major impact on your ability (as in you were not able) to apply for a new loan or refinance a current one. If you had a jumbo loan, you had couldn't refinance for an entire 12 months after getting OUT of forbearance.

I'm not stating that everyone needs to be kicked out after missing one payment or that governmetn assistance does not exist. But it's a complicated process that is not sufficient to address the actual needs of tenants and landlords, so I personally have a problem with the government extending the eviction moratorium without addressing the gaps in the assistance they provide.

 

[deadshot138]

It's not necessarily about not being able to pay rent now, but the months of back rent.

Perhaps they should have saved some of the $1k per week they were getting instead of buying ps5s and iphones.

 

[nostradumbass]

Yeah, they get to live there and hope to god nothing goes wrong in their life that leaves them unable to pay the rent.

Yes, genius, and the landlord is "hoping to God" the same thing, because they're still on the hook for the mortgage payment and property taxes if their deadbeat tenant decides not to pay. Welcome to the discussion.

 

[Crim]

Yes, genius, and the landlord is "hoping to God" the same thing, because they're still on the hook for the mortgage payment and property taxes if their deadbeat tenant decides not to pay. Welcome to the discussion.

It's simply amazing how economically illiterate these commies are. They want everyone to be equally stupid/poor as they are.

 

[Rational Poster]

That's actually pretty good regarding the rent assistance. I haven't heard of anyone in my circles take advantage including some that are slumlords in baltimore. But you notice a major flaw with that? a joint effort between tenant and landlord. You think either party is made up of former straight a students? people are going to drag their feet, or not respond, or just be irresponsbiel about the whole thing, making it a nigthmare to take advantage.

Regarding forbearance, there are major ramifications, because there is such a disconnect and cluster in the industry. I don't know if the rules have changed since, but as of the first quarter of this year, if you had forbearance on your record it had a major impact on your ability (as in you were not able) to apply for a new loan or refinance a current one. If you had a jumbo loan, you had couldn't refinance for an entire 12 months after getting OUT of forbearance.

I'm not stating that everyone needs to be kicked out after missing one payment or that governmetn assistance does not exist. But it's a complicated process that is not sufficient to address the actual needs of tenants and landlords, so I personally have a problem with the government extending the eviction moratorium without addressing the gaps in the assistance they provide.

Mostly what I've read on the topic it's landlords unwilling to go through the process because of the conditions associated for accepting. Like the PPP and other relief programs, there are conditions attached. There seems to be a lot of misconception how these moneys are received. It's not free money, it's conditional. Even unemployment is conditional. Not every tenant or landlords meet or want to meet the conditions.

A lot of programs require landlords not to evict tenants for a certain amount of time after the payments are received, separate from the eviction moratorium.

 

[oldshadow]

So you think a landlord is cutting a check from their personal bank account to pay for that shit? Or is that money coming from their building operating fund which is funded by guess what, rent extracted from tennants.

They take the risk so they deserve a reasonable profit. If something major goes out it wipes out their profit. You seem to think all landlords are slum landlords. That is far from the case for the small landlords.

 

[RogerB08]

Yes, genius, and the landlord is "hoping to God" the same thing, because they're still on the hook for the mortgage payment and property taxes if their deadbeat tenant decides not to pay. Welcome to the discussion.

Landlord doesn't give a fuck; tenant can't pay, just boot them out and get someone else in.

 

[nostradumbass]

Landlord doesn't give a fuck; tenant can't pay, just boot them out and get someone else in.

That's what this entire thread is about.

 

[RogerB08]

They take the risk so they deserve a reasonable profit. If something major goes out it wipes out their profit. You seem to think all landlords are slum landlords. That is far from the case for the small landlords.

Everyone takes risks, that does not make landlords special. Shit, you sign a lease you take a risk that the building you live in might get sold to someone who's going to hike the rent to price you out so they can get a tenant in who can pay more. Landlord might decide he just doesn't want to renew your lease becuase the nephew needs a place. This whole they take the risk business is nonsense. Owning rental property is one of the least risky things a person can do because literally everyone needs a place to live. The only way you're not going to get tenants is if you have a reputation for being the shittiest of shitty landlords.

 

[Rational Poster]

This thread is brought to you by people who complain endlessly about America's homeless problem looking for new ways to make the problem exponentially worse.

 

[ineverpost]

Eviction moratorium at this point is just an attempt to transfer more wealth to the corporate elite by forcing current owners to sell to large managers at bargain basement prices, as well as create election issues to campaign on (the GOP are going to kick you out of your home if you don't vote!!)

 

[ineverpost]

This thread is brought to you by people who complain endlessly about America's homeless problem looking for new ways to make the problem exponentially worse.

I'm not sure what angle you're taking with this but an eviction moratorium is not going to solve America's homeless problem. Currently, the only place people are legit homeless are some select locations on the west coast, and those people are actually choosing to be homeless rather than relocate because they are chasing what they perceive to be future opportunities in their field. Almost any other situation involves mental illness or drugs. Does this country take serious actions to address mental illness and drugs? No, so it is reasonable to say that actually no one has any interest whatsoever in addressing the homeless problem.
I think you drastically underestimate the number of people (many of whom HAVE money) who will not pay their rent if they perceive they have the option to not pay their rent. I would not be surprised if more than half the people currently not paying could actually afford to. I would not be surprised if the number was far greater than 50%.

 

[Rational Poster]

I'm not sure what angle you're taking with this but an eviction moratorium is not going to solve America's homeless problem. Currently, the only place people are legit homeless are some select locations on the west coast, and those people are actually choosing to be homeless rather than relocate because they are chasing what they perceive to be future opportunities in their field. Almost any other situation involves mental illness or drugs. Does this country take serious actions to address mental illness and drugs? No, so it is reasonable to say that actually no one has any interest whatsoever in addressing the homeless problem.
I think you drastically underestimate the number of people (many of whom HAVE money) who will not pay their rent if they perceive they have the option to not pay their rent. I would not be surprised if more than half the people currently not paying could actually afford to. I would not be surprised if the number was far greater than 50%.

What happens when you evict 58% of renters with back rent?

 

[ineverpost]

What happens when you evict 58% of renters with back rent?

Just issue them an ultimatum to pay "x" amount of dollars and you will magically see that number shrink. Fucking scammers, a ton of them.

 

[RogerB08]

They take the risk so they deserve a reasonable profit. If something major goes out it wipes out their profit. You seem to think all landlords are slum landlords. That is far from the case for the small landlords.

And I don't say they're all slum lords; but they all participate in the archaic relic from feudal times that is landlord tenant arrangements. We can do better than that.

 

[Madmick]

Would you prefer 58% of of renters live on the street?

Is that really a smaller problem?

You really think 58% of all renters are lazy scum?

Jesus, how hard is it to read?

58% of landlords with fewer than 4 units are owed back rent.

 

[ineverpost]

And I don't say they're all slum lords; but they all participate in the archaic relic from feudal times that is landlord tenant arrangements. We can do better than that.

If we could do better than then we would be doing better than that. Having an idea and making an idea reality are two completely unrelated concepts. If scamming deadbeats paid what they could then we would actually see where the assistance is needed. The market only can charge what people can pay. You will create MORE financial hardship under this permanent moratorium because LLs are going to jack the shit out of rent. People with something to lose from their credit being shot will pay it and they will bare the entire burden of this.

 

[RogerB08]

If we could do better than then we would be doing better than that. Having an idea and making an idea reality are two completely unrelated concepts. If scamming deadbeats paid what they could then we would actually see where the assistance is needed. The market only can charge what people can pay. You will create MORE financial hardship under this permanent moratorium because LLs are going to jack the shit out of rent. People with something to lose from their credit being shot will pay it and they will bare the entire burden of this.

If we could be doing better we would be? That's absolutely not true. Systemic change requires the stripping of power from the powerful, in this case landlords who have organizations that lobby on their behalf. All tenants have on their side is numbers. This pandemic has laid bare a lot of capitalism's failures, this is just one of the more glaring ones.

 

[ultramanhyata]

Would you prefer 58% of of renters live on the street?

Is that really a smaller problem?

Muh property rights!