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40% of N.Y. Tenants May Not Pay Rent This Month. What Happens Then?


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  • 2 months later...

This map shows where Americans are most at risk of eviction

https://www.fastcompany.com/90520702/this-map-shows-where-the-americans-are-most-at-risk-of-eviction

 

More Adults Than Ever Live With Parents Or Grandparents

https://www.zerohedge.com/personal-finance/more-adults-ever-live-parents-or-grandparents

Edited by Saving For a Space Ship
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  • 3 weeks later...

"The fiscal cost of keeping cash-strapped Americans in their homes... may well be lower than that of allowing them to be thrown onto the streets by the tens of millions. The human costs of the latter... are higher than any decent society could afford."

This Recession Is a Bigger Housing Crisis Than 2008

https://nymag.com/intelligencer/2020/07/coronavirus-recession-evictions-crisis-congress.html

Quote

For their part, House Democrats have passed legislation establishing a $100 billion rental-assistance program, while Senator Elizabeth Warren has proposed expanding the number of households covered by the federal eviction moratorium and extending that ban into March 2021.

If no action is taken, up to 28 million Americans could be thrown out of their homes by October, according to Benfer.

The victims of such a catastrophic social failure will extend well beyond the ranks of the displaced. As Bloomberg’s Noah Smith writes:

When a landlord evicts a tenant, they need someone else to move in relatively quickly. If no one does, it means a financial loss for the landlord and an economic loss for the country as a whole because the apartment is going to waste.

The time and expense that the evicted tenant has to spend moving to a new place results in an additional economic loss…Units whose tenants are evicted will probably sit empty for many months until the crisis is past, while the evicted low-income people will either crowd in with family or become homeless, increasing the risk of coronavirus spread. This is bad from both an economic and a public-health standpoint.

 

Edited by Saving For a Space Ship
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1 hour ago, Saving For a Space Ship said:

"The fiscal cost of keeping cash-strapped Americans in their homes... may well be lower than that of allowing them to be thrown onto the streets by the tens of millions. The human costs of the latter... are higher than any decent society could afford."

This is such trite nonsense.

Landlords should try kicking their tenants out en masse; they will be slitting their own throats, for good.

1. Voids. Needs no explanation

2. Try negotiating with the bank. LOL

3. People get used to living with smaller sq.ft and shared facilities. $/sq.ft collapses

4. People flee to the cheaper countryside. Urban areas where these scumlords are concentrated depopulate. $/sq.ft collapses

5. Government tax receipts collapse. No more section 8 payments. $/sq.ft collapses.

 

If landlords want to see the future, they can imagine Detroit stamping on a boomer face...forever.

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  • 4 weeks later...

Wave of evictions sweeps US amid impasse over coronavirus protections

https://www.theguardian.com/us-news/2020/aug/11/evictions-us-coronavirus-protections

Quote

“I’m protecting people from eviction,” Trump said on Saturday. “You’ve been hearing a lot about eviction, and the Democrats don’t want to do anything having to do with protecting people from eviction.”

However, the order doesn’t actually extend the moratorium on evictions, nor provide any rental assistance to those unable to pay.

Instead, it orders federal agencies, such as the US Department of Housing and Urban Development, to look at options for protecting renters. Housing advocates attacked the order as a toothless gesture....

..Even though many landlords have been barred from removing renters unable to pay until now, the owed amount of rent has continued to accumulate, meaning that tenants will face a huge bill once protections are lifted. About half of landlords are small, family-run operations, meaning that they, along with renters, may require substantial financial assistance to avoid ruin...

 

Edited by Saving For a Space Ship
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I wonder how much of the UKGov financial 'help' for businesses and individuals in response to Covid goes into rents and mortgages and as such into the hands of those that own land and buildings.

For example...what proportion of the furlough payments to individuals is ultimately get paid as rent or mortgages, how much of support for businesses goes into commercial rents, even the eat out to help out, isn't this support really to put cash into the restaurants to enable them to pay their rents?

 

 

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13 hours ago, Wayward said:

I wonder how much of the UKGov financial 'help' for businesses and individuals in response to Covid goes into rents and mortgages and as such into the hands of those that own land and buildings.

For example...what proportion of the furlough payments to individuals is ultimately get paid as rent or mortgages, how much of support for businesses goes into commercial rents, even the eat out to help out, isn't this support really to put cash into the restaurants to enable them to pay their rents?

 

 

A lot. All part of the ponzi. 

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6 minutes ago, Will! said:

Ta for bumping this thread, while on the US subject, its not just the rents,  ..

Mortgage Delinquencies Jump by Most Ever. 60-Day Delinquencies Hit Highest Level Ever. Record 16% of FHA Mortgages Delinquent. What a Mess  

https://wolfstreet.com/2020/08/17/mortgage-delinquencies-jump-by-most-ever-60-day-delinquencies-hit-highest-level-ever-record-16-of-fha-mortgages-delinquent-what-a-mess/

 

.

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Americans laid off due to COVID-19 want to know how landlords expect them to pay.

We asked some

https://www.fastcompany.com/90537795/americans-laid-off-due-to-covid-19-want-to-know-what-how-landlords-expect-them-to-pay-we-asked-some

 

New York Landlords Beg Businesses: "Return To Work And Save The City's Economy!"

https://www.zerohedge.com/personal-finance/new-york-landlords-beg-businesses-return-work-and-save-citys-economy

Edited by Saving For a Space Ship
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  • 2 weeks later...

Rents Plunge in San Francisco, New York. Other Expensive Cities, College Towns, Texas Oil Patch also Hit. Incentives Surge. But in 18 Cities: Double-Digit YoY Rent Increases

https://wolfstreet.com/2020/09/01/rents-plunge-in-san-francisco-new-york-other-expensive-cities-college-towns-texas-oil-patch-also-hit-incentives-surge-but-in-18-cities-double-digit-rent-increases/

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  • 416 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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