Claim that one third of renters didn't pay rent

Butch

Butch

poseur
Staff member
This whole thing is tough, but for us to just stop and wait till the virus dies is a continual cost to us and the food production industry.
Is it a cost to the financial services industry? Can they affort to forgo the income for three months?

Some here with income property, can you do without those rents if you do not have to pay a mortgage?
We all must eat, we are all gonna use gas and electricity, but I think we can get through this.

OTOH, my cousin is a banker and he is scared shitless.
 
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GAJ

GAJ

Well-known member
Butch said:
Some here with income property, can you do without those rents if you do not have to pay a mortgage?

We all must eat, we are all gonna use gas and electricity, but I think we can get through this.
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TBH I was expecting to help my tenants who pay 1/2 market rent already but at least this month they are all still working and able to pay rent.

Next month?

Remains to be seen but, yes, they are good tenants and a good landlord always helps good long term tenants through difficult times.

But I saw an segment on PBS Newshour of muti unit NYC landlords who have massive mortgage obligations and daily ongoing maintenance obligations in their older buildings and the whole idea of a "rent strike" will essentially push them into bankruptcy.

So not all landlords can help as much as others and I fear that those landlords always jacking up rents to "market rate" will be the most ruthless of all when it comes to helping tenants stay housed through the crisis and an equally long period beyond.
 
Slow Goat

Slow Goat

Fun Junkie
This is a rare case of shit flowing Uphill. It happened in ‘08.

Renter can’t make payment / owner can’t make the mortgage / bank loan falls into arrears / investment bank has to repurchase non-performing loans / investment bank’s lobbyists call their congressional tools / IBS get zero-interest bailout / taxpayers end up repaying the bailout of the IBs.

Maybe this time they’ll just give the bailout to the renters? Nah, that’ll never fly.
 
Killroy1999

Killroy1999

Well-known member
Slow Goat said:
Maybe this time they’ll just give the bailout to the renters? Nah, that’ll never fly.
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Didn't they just bail out tax payers?

- added $600/week to unemployment
- extended unemployment that people that have not even paid into the system - self employed
- check for people and kids as long as you don't make over 75000 a year

Seems like renters should be paying up if land lords are not getting a instant tax break.
 
bmwbob51

bmwbob51

BMWBOB
We're retired and have rentals that pay our mortgage. One renter both lost their job and can't pay the rent which we understand because they're paycheck to paycheck and food comes first. We had to call our mortgage company and have a 3 forbearance because our cash shortfall, but will have to make up the payments. Some have suggested that rents should be forgiven during this time!
 
Butch

Butch

poseur
Staff member
bmwbob51 said:
We're retired and have rentals that pay our mortgage. One renter both lost their job and can't pay the rent which we understand because they're paycheck to paycheck and food comes first. We had to call our mortgage company and have a 3 forbearance because our cash shortfall, but will have to make up the payments. Some have suggested that rents should be forgiven during this time!
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Or mortgage payments forgiven during this time...
 
Beanzy

Beanzy

Wind free
FXCLM5 said:
But all survivorman style shows says shelter first!!!!!
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You can live in a McMansion but still have to eat. Even for the homeless, eating is a first priority.

And what value does money have if you can't buy food because it's scarce?
 
two wheel tramp

two wheel tramp

exploring!
bmwbob51 said:
We're retired and have rentals that pay our mortgage. One renter both lost their job and can't pay the rent which we understand because they're paycheck to paycheck and food comes first. We had to call our mortgage company and have a 3 forbearance because our cash shortfall, but will have to make up the payments. Some have suggested that rents should be forgiven during this time!
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That's awesome that you are being so understanding. Hopefully everything works out for you and your tenants in the end. Hard times for sure.
 
bpw

bpw

Well-known member
Killroy1999 said:
Didn't they just bail out tax payers?

- added $600/week to unemployment
- extended unemployment that people that have not even paid into the system - self employed
- check for people and kids as long as you don't make over 75000 a year

Seems like renters should be paying up if land lords are not getting a instant tax break.
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Going to be a while before this money actually gets to people. I am self-employed and doing fine so far but went to look into unemployment in case I need it, as of a few days ago the system didn't even exist yet for me to apply in California, much less actually get approved and start getting money.

Same with the $1200 checks, its coming but not here yet and rent is due for a lot of people right now. People should pay if they can, since a lot of landlords aren't in a much better spot, but a lot of renters just don't have the money to pay rent if they aren't working.
 
Climber

Climber

Well-known member
wazzuFreddo said:
I found this article interesting. The $69 billion dollar company can't do anything for their customers but the long time family owners at another location give relief without even being asked.

Corporate landlord: Pay our lawyers and we may or may not do something

Family landlord: Times are tough, we got you fam

https://www.seattletimes.com/seattl...-two-landlords-during-the-coronavirus-crisis/
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No surprise. The extremely wealthy mostly got there because they took every last dollar they could take. There are some exceptions but there are far more giving poor people than rich people.
 
Kornholio

Kornholio

:wave
Lasalle is a subsidiary of Jones Lang Lasalle which is a publicly traded company. When you have to create dividends for stock holders and answer to a board, you're not going to give a shit about cutting anyone a break. That's not in a large corporation's M.O.. Basically, it's gonna be, "Pay up or hit the bricks." Essentially, they're not running a charity and don't have to. I understand that point of view entirely as I work for a Fortune 500 company that's publicly traded too. The family-ran businesses are always going to have more flexibility to make concessions and so the outcome here, while incomprehensible to some people, is not totally unexpected at all.
 
FXCLM5

FXCLM5

bombaclaud
The unemployment doesn't make sense, alotta ppl make less then the 600+450 weekly.

What is stopping them from getting fired to collect unemployment for the extended time with the increased pay.

It's like paycheck to paycheck then all of sudden get 1k every week - without working.

This is all the essential folks, groceries personnel, restaurant workers etc

What we gonna do when they quit and make more $ collecting unemployment
 
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dtrides

dtrides

Well-known member
...ahhh unemployment won't last all that long in the scheme of things .
Folks will still need to get a job and wont have unemployment ins. as a back up if they already used it for the year.
 
Climber

Climber

Well-known member
To qualify for unemployment, you must be out of work through no fault of your own. If you quit your job voluntarily, without good cause, you won't be eligible for unemployment benefits. However, if you are forced out and/or have good cause to quit, you may still be eligible for benefits, depending on the circumstances.
Source
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You can't just quit, you have to be laid off or fired.
 
FXCLM5

FXCLM5

bombaclaud
Climber said:
You can't just quit, you have to be laid off or fired.
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I'm getting fired at a fast food joint in this pandemic to collect more $ via unemployment so I can pay down some debt faster.

Really isn't gonna hurt you from getting another fast food job next year.

Also you can "quit" your job and get unemployment, you just need to pursuade everyone with your story or stories of why you quit
 
dtrides

dtrides

Well-known member
So, I think I hear you implying that folks at fast food restaurants are are only working at those cush jobs so they could get fired/quit and scam the system during the covid out break?:rofl
I think if they were the type to scam the system , they wouldn't be working at all...they would already be scaming the system.:nchantr
DT
 
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