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Covid-19: Landlords will kill our economy
11–20 of 73 posts
Re: Covid-19: Landlords will kill our economy
#12I think most landlords are wealthy people who are easily placed to weather this financial crisis. By definition if you are wealthy enough to own property beyond one house then you’re wealthy enough to survive this. And if you can’t afford to, then sell it and suffer like all the other real business owners are suffering. Why should landlords be a protected species in all this?
You can’t sell if no one is buying and if it’s anything like some stories I’ve heard, some people are doing interest only loans on houses If you sell it for less than your mortgage, you’re still on the hook for that loan, too. The situation is complicated and ‘just sell it’ comes with other problems.
Being bankrupted by a landlord also comes with other problems.
The biggest expense renters typically have is ..... rent. And for many businesses it’s a major expense too.
Governments are desperately coming up with financial support packages for what? To give to landlords?
Re: Covid-19: Landlords will kill our economy
#13Earlier quoted context omitted.
You can’t sell if no one is buying and if it’s anything like some stories I’ve heard, some people are doing interest only loans on houses If you sell it for less than your mortgage, you’re still on the hook for that loan, too. The situation is complicated and ‘just sell it’ comes with other problems.
Being bankrupted by a landlord also comes with other problems. The biggest expense renters typically have is ..... rent. And for many businesses it’s a major expense too. Governments are desperately coming up with financial support packages for what? To give to landlords?
This doesn’t contradict anything I said
Re: Covid-19: Landlords will kill our economy
#14> We need legislation to ban rents for COVID-19-affected businesses. This only works if the government mandates full moratorium on both rents and mortgages. That also means that no interest on mortgage is accrued during this time. Otherwise, landlords are screwed in the same way as tenants - they can't pay mortgage and the property may turn into foreclosure. More so, frequently landlords are screwed even more - becau…
But who should the government punish? Everyone equally? The richest X%? The poorest X%? Particular industr[y,ies]?
If everyone says “not us, somebody else!” there will be no redistribution.
Re: Covid-19: Landlords will kill our economy
#15> Ban rent for COVID-19-affected businesses Landlords have mortgages and a host of other associated costs. If this were made a policy in the UK, you'd have a huge number of small-time buy-to-let landlords going bankrupt and losing their nest-egg to the bank.
So what? Why should society provide security for the gamblers of the property free-for-all? They took the risk. Too bad if it goes bad. Try working for your income instead of trying to get something for nothing.
Re: Covid-19: Landlords will kill our economy
#16This makes a lot of sense. Rentiers are among the worst. My rental contract is so strict that it is insane. For example, I have to give 60 day notice, but those 60 days have to begin on the 1st of a month. It can't be 2nd or the last day of the previous month, it has to be the 1st. Rentiers deserve no protection, especially when everyone else is bleeding
I’ve never seen a contract so strict. There might be a lawsuit in there. If not, there’s definitely a complaint you can raise. They probably don’t accept the first of the month if it’s a Sunday, either, right?
Plenty of states in America give tenants nearly zero protections
Re: Covid-19: Landlords will kill our economy
#17Well, there’s a reason the Plague ended feudalism.
Re: Covid-19: Landlords will kill our economy
#18Proposal: set an immediate 3% interest rate ceiling on all credit cards. This eliminates the immediate cash crunch that everyone is feeling. If a cc company complains, nationalize them.
Then take six months to put together a comprehensive debt-forgiveness program that looks at income, family situation, etc. Forgive things like food, rent, etc. Slowly increase the interest rate cap as the economy recovers.
We need ongoing money in peoples hands now to put everyone at ease that they aren't going to be out on the streets in a week with their kids, not a piddling one-time payment in a month.
Re: Covid-19: Landlords will kill our economy
#19So stop all payments. Nobody pays rent, landowners don’t pay their mortgages, banks don’t pay interest. Companies don’t pay dividends, bonds don’t pay interest. Just stop using money to organize productive activity for a few months until the coronavirus curve flattens.
If all payments are stopped for three months, then it’s simply hitting the “Pause” button on the whole money system. There are no economic data for that quarter. GDP is meaningless, unemployment is meaningless. That quarter is a big fat missing data point.
Three months later everyone comes out of their houses and goes back to work. Paychecks resume, rents resume, landlords resume paying their mortgages, and no one ever catches up on any payments from the missing period. Just pretend we skipped three months ahead via a sci-fi time knot.
Re: Covid-19: Landlords will kill our economy
#20Earlier quoted context omitted.
I’ve never seen a contract so strict. There might be a lawsuit in there. If not, there’s definitely a complaint you can raise. They probably don’t accept the first of the month if it’s a Sunday, either, right?
Plenty of states in America give tenants nearly zero protections
Honestly sounds like measures that could get pushed at local levels by local people, successfully