Awesome! Six months rent free. Any break on utilities as well? What a place huh?
This is devastating a lot of landlords who can’t evict unless someone tries to murder another tenant or turns the unit into a meth lab.
Glad I bought stocks instead of real estate when covid started!
I think it’s predictable, that a certain number of people will never pay that back rent.
If it is “consumer debt”, meaning that it’s no longer officially past due rent which could subject someone to eviction for non-payment, guess what priority people will put on paying it?
I could imagine too, some people deciding to move, and “start over”, in a new place, and simply never paying that debt, which now is in a different legal status and not officially unpaid rent.
I can’t imagine how I’d pay 920 a month (mortgage) at the end of this if the situation included mortgages. It’s insane that some who have 2,000 dollars in rent can come up with 24K when this moratorium is over. Impossible for most people.
will this STOP Los Angeles from Evicting the Church renting their parking lot??
BANKERS will Soon OWN ALL Commercial and Rental Properties.
What comes below 3rd world status?
I guess I’ll have to check Newsance’s latest color scheme of charts for more detail.
It is a thinly disguised government taking.
The government that makes this law should have to pay the debt — and now.
Landlords need to band together and sue.
“I wonder how much of the unpaid rent converted to consumer debt will ever be collected”
Slim to none.
“Landlords would rather have a tenant paying something than a vacant apartment”
I own apartments. I would rather keep them empty. No carpets etc to replace. I would shut off the water and keep heat at 55 degrees in winter.
[[[All back rent owed by the tenant from March 1 through Aug. 31 of this year would be converted to consumer debt and couldn’t be used as grounds for eviction. To receive continued protection, a tenant would have to pay at least 25% of their cumulative rent between Sep. 1 and Jan. 31. The remaining balance would also become consumer debt, which landlords could pursue in small-claims court starting March 1 of next year.]]]
Good luck with that.
I just sent in my rent check, like an honest sucker.
Newsom is out of his mind.
Criminally insane.
Any relief on R/E tases until February? Didn’t think so.
Do landlords have to make repairs for those not paying?
Just another of many, many reasons that Tyrant Newsom is viewed as a vile, despicable, inhumane and immoral creature by a growing number of people in California ... and he really truly seems to enjoy hurting people ... not just the seniors in the nursing homes he is responsible for killing last April.
Will there be a six month moratorium on tax-upset sales and interest and penalties on overdue property taxes?
{{{crickets}}}
Sucks to be a landlord.
A lot of real estate investors are going to find out the hard way how much it sucks to do business in California. There is going to be a tsunami of foreclosures of rental properties in California. And if history is any lesson, President Trump will be blamed for it all.
That’s nice. Is there a matching moratorium on paying property taxes, then?
They have no right to do that. This in an illegal action. The government does not have the right to invalidate a legal contract.