Posted on 12/08/2020 4:22:55 AM PST by Oldeconomybuyer
NEW YORK - Clarence Hamer doesn’t expect to hang on to his house much longer.
His downstairs tenant owes him nearly $50,000 in back rent on the four-bedroom duplex in Brownsville, Brooklyn. Without those rental payments, Hamer has been unable to pay the thousands he owes in heat, hot water and property taxes. In September, after exhausting his life savings, he stopped paying the mortgage, too.
“I don’t have any corporate backing or any other type of insurance,” said Hamer, a 46-year-old landlord who works for the city of New York. “All I have is my home, and it seems apparent that I’m going to lose it.”
America’s mom-and-pop landlords, along with their tenants, have been dangling by a thread for nine months. Now, with Congress still deadlocked over the contours of a second pandemic stimulus package, they are entering a new housing abyss, a perilous period of pandemic limbo as the last of the safety nets are set to expire.
The day after Christmas, the extended unemployment benefits that have kept 12 million people and their families afloat are scheduled to expire. Then, mere days after that cliff, on New Year’s Day, a national ban on renter evictions from the Centers for Disease Control and Prevention is also set to lapse.
Overnight, an unprecedented bill of $70 billion in unpaid back rent and utilities will come due, according to estimates by Moody’s Analytics Chief Economist Mark Zandi. In all, up to 40 million people could be threatened with eviction over the coming months, research from the Aspen Institute says.
Much of the focus has been on tenants. But Stacey Johnson-Cosby, president of the Kansas City Regional Housing Alliance, says more than 40% of the landlords surveyed in her coalition said that they expected to have to sell their units.
(Excerpt) Read more at reuters.com ...
And guess who’ll buy those units? Either the Chinese, or some government entity.
How the hell do you fall $50,000 behind in rent in less than a year? Was that lunatic seriously renting a place for $5000 a month? WHY? Unreal. Talk about burning money
Given the WuFlu stats are crap, likely far more deadly than WuFlu.
Or some crony capitalist in tight with the uniparty.
People are going to loose business, homes, everything they have worked for because of Coronovirus lock-downs. This is true. This will send shock waves through the economy for years. Like 2008, but now we don’t have the money to continue on creating debt.
When your a service economy, mostly of small business employers, with a heavy welfare social support system, these types of situations are catastrophic.
Get ready for the Biden/Harris economy, courtesy of China, to hit within 18 months. It will be the “Summer of Recovery” that never happened after 2008 crash and Obamanomics. The interest rates will be low, the cash will be printed, the taxes will increase, and the middle class will go away.
It’s the great RESET. Don’t worry, China has this.
“The day after Christmas, the extended unemployment benefits that have kept 12 million people and their families afloat are scheduled to expire.”
My brother is on UI but not extended as he worked part of the year, but he says his normal UI (26 weeks) runs out the end of the year. So does that mean he doesn’t get extended as it’s past the expiration date even though he never got extended? If so he’s in big trouble
I work in a luxury apartment complex from time to time. Rents there start...start at $2500 for a studio unit ground floor.
Yep, putting Biden in office at this time while going through such an emergency is akin to nuking the Titanic while it’s sinking, it is the absolute worst possibly thing that could ever happen. And that piece of rat filth Biden is more concerned with illegals and giving money to Iran not to mention giving money to the Paris climate scam? You notice he mentions absolutely nothing about the US economy or jobs? Because he doesn’t care. He’s owned by China and he works for China and he’s going to do whatever benefits China the most.
That’s still crazy, but this guy sounded like he was renting for $5000 a month if he fell $50K in debt in 10 months. That is utterly insane and the guy is not rich. If he was he wouldn’t be in that much debt, just blatant money burning
a complete subjugation of population or a massive uprising
A lot of people are going to be in big trouble. There’s going to be a lot of pain in 2021. Those who are well heeled and elite won’t feel it like the rest of us.
It is important to understand this is a planned demolition of the world economic system. The collapse of the money system as we know it. See J.D. Farag’s Youtube on Bible Prophecy from this past Sunday. In the first 20 minutes or so he goes through this planned demolition point by point, stage by stage. It puts into perspective the ‘how’ they will do this. And it gives one an idea of how to prepare yourself and family how to land softly.
They don’t know how to help small businesses, we’re the backbone of the country. They don’t really want to help us...we are actually in the way. If you are not targeting the elite in the service economy, you are not going to make it.
The Great Setup with J.D. Farag
https://youtu.be/fdV3b8Lizf0
many people live waaaaay beyond their means. granted, the economy is being absolutely destroyed by these tyrant-governors....but people that go from a paycheck to a food bank within a week or two were doing something wrong and are at least partly responsible for the mess they’re in.
Hey, whatever it takes for people to “feel safe” ...
Yes, $5,000 a month is about right for a 4 bedroom.
Rents in different parts of the country are insane. It is something that’s been complained about for years in Silicon Valley and parts of New York.
People want the address, want the lifestyle, want the job that isn’t paying a wage they can truly live on...
There are a lot of moving pieces here and it has to do with the collapse of the system. The ushering in of UBI, the digital age, the advent of remote work...
They are disposing of the pesky American middle class and its expectations of detached private homes, personal automobiles, firearms, families, etc. - and they are replacing it with a more complacent foreign middle class (to whom they are giving our jobs and homes) that has no concept of the Constitution, Bill of Rights, or even “independence”.
https://www.apartments.com/houses/brooklyn-ny/4-bedrooms/
4 Bedroom Houses Available in Brooklyn, NY
Millions of people are/will be moving in with family to make ends meet.
Yep The great reset. You will own nothing and be happy.
China made the Biden’s rich so Joe Biden the president-fraudulet will do whatever China wants. Our enemy is not Russia, it is china with 10 times bigger economy than Russia.
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