Posted on 04/09/2020 7:10:46 PM PDT by rintintin
First it was the waitress whose restaurant closed. Then the waiter, the bartender, the substitute teacher, the hairdresser, the tattoo artist and the Walgreens manager.
One after the other, the tenants called and emailed their landlord, Bruce Brunner, to say they were out of work and the rent was going to be late. A week after the bill was due, some two dozen of Mr. Brunner’s 130 tenants had lost their jobs or had their hours reduced. He’s working out payment plans and using security deposits as a stopgap while directing tenants to the emerging patchwork of local, state and federal assistance programs.
“Six weeks ago, you could name your price and you’d have multiple people applying,” said Mr. Brunner, who lives in Minneapolis, where he owns and manages 20 duplexes and triplexes across the city. “Now you’re deferring and working out payment plans, and it’s only going to get worse.”
(Excerpt) Read more at google.com ...
Houston.. We have a problem.
That’s what happens when the economy gets shut down. I hope they don’t do it again next year for the flu!
In before anyone posts that “rent is too damn high” picture.
By the grace of God I am still working and have about seven grand left in the bank. Been better, but I have been worse off than this too.
The reason why you do not live paycheck to paycheck.
Oop. Took me too long to type.
Unlock their state economies!!!
My grandfather emigrated from Russia in 1908. A skilled carpenter, he built three 4-plexes in Detroit himself, probably in the early to mid 20’s. When the Depression hit, none of his tenants could pay rent, and he lost all of them to foreclosure. There’s just something a bit eerie about these same anecdotes as I hear them today.
So what is your secret?
The depression ruined/closed my grandfathers thriving small business.
come on ... property tax !!!!
Fake News. I am a Multifamily owner, and there are actual companies tracking these stats, and they are nowhere close to this high. The 5th this month was a Sunday, and so rental offices were closed. Note, even in the article, it said the number we 18% 1 year ago, and 18% of renters do NOT get evicted every month.
Instead of trillions in pork spending, they should have passed a bill with no spending, but long term debt deferral. Mortgages, long terms loans (e.g., greater than 1 year), car payments, student loans, and rent contracts of 1 year or more, are deferred for 90 days. Then left the unemployment insurance program, which already exists, handle the cash needs. That minimizes the federal footprint on all of this and prevents those SOB’s in DC from bloating a bill with a bunch of crap spending.
Dr Doom can you have your Buddy Bill Gates help these people?
The radical left has been pushing a “rent strike” or some such nonsense on social media/twitter for weeks. That’s what this is all building towards and Fake News NYT is chipping in.
Tip of the iceberg. Not even a tray of ice cubes.
I wonder how many people are buying groceries and essentials on credit.
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