Kudlow says federal government will extend moratorium on evictions

The Hill ^ | July 26, 2020 | Rebecca Klar

[karpov]

White House economic adviser Larry Kudlow said Sunday the federal government will extend a moratorium on evictions as part of the next round of coronavirus relief that will also include another round or $1,200 stimulus checks.

“Don't forget, there's a $1,200 check coming. That is going to be part of the new package. I would have preferred a payroll tax cut, on top of that check. But, be that as it may, politically, it doesn't work,” Kudlow said on CNN’s “State of the Union,” adding that it is a “very well-rounded package.”

“People need that money as soon as possible. People are worried about being evicted,” Tapper said.

Kudlow responded that the federal government will “lengthen the eviction,” referring to the eviction moratorium that expired last week.

Kudlow also defended ending the additional $600 in unemployment benefits, voicing support for a plan to cap benefits at about 70 percent of wages.

[redshawk]

A woman interviewed on Austin TV news cried that without the 600bucks she will be evicted because she can’t afford to pay the rent....... Turns out she hasn’t paid rent for 9 months......... The shutdown occurred in the last week of March.

[redshawk]

Where’s that “The Rent Is Too Damn High” guy when you need him?

[Safetgiver]

Yeah. Gimme, gimme, gimme?

[American in Israel]

Thanks, but I have enough problem paying off my mortgage, I don’t need to pay yours too.

[Safetgiver]

This is about RENTERS, doofus. They don’t have mortgages. DUH!

[American in Israel]

Its not the Corona virus that is the problem, its the Globalist virus that spawned the Coro a virus and all the e onomy busting Handouts from Other Peoples Money.

[Gene Eric]

The landlord may be holding a mortgage or twenty.

[Revel]

Do you think that all landords are big time? Some landlords only rent a place or two and they barely make ends meet. Now they stand to loose even there own homes. You belong on a progressive forum. I don’t know why you would hang out here.

[Safetgiver]

The landlord may be holding a mortgage or twenty......That is why WE, the taxpayer, should not be held liable for his debt. Believe it or not, the government is NOT your Mammy and/or Pappy.

[Svartalfiar]

Regarding evictions, is there a mechanism to do a financial statement with regard to the tenant’s ability to pay said rent? Or can a current tenant merely decide to stop paying rent being he can’t be evicted now?

I believe the way they worded it, is there's no evictions, period. So every tenant could stop paying, and they'd be 'safe'. Of course, I don't know how that works for back rent/mortgage. Once you start working, did you have an account balance of all the unpaid rent? Likewise, does the landlord's mortgage accumulate a large balance due? What about interest?

[JoeRender]

Read the article idiot. He is also talking about a bailout/stimulus.

[JoeRender]

I don’t think you understood what I am saying. Here I will try again. My point is that instead of giving people money from the government to blow. Do a stimulus in such a way so that they can turn around and put money into the economy over a drawn out period of time. If you are going to give people a free shit stimulus, set the people free who have paid on their mortgages faithfully.

For the record I am against stimulus packages of any kind. Long term they destroy the value of the dollar.

[cornfedcowboy]

Many people will not pay rent if they know they cannot be evicted.

[cornfedcowboy]

Renters pay mortgages. Just not in their name.

[Svartalfiar]

Really? For most landlords, this “suffering” does not mean the difference between a roof over their heads and no roof. But it does for a lot of tenants. It makes it very difficult to continue with a job, or look for one. Aside from the obvious trauma of losing your abode (what about furniture and belongings), where are you going to clean up for work? I left out food and using the toilet and the kids’ school and their needs etc.

Maybe not right away, but down the line it does. Big landlords depend on income to pay their own mortgage/bills, all their employees. If all the rent is non-paying, and the bank forecloses on their rental properties, you can bet their personal house is pretty close behind, since there went all their income. And, the bank isn't gonna run a non-paying rental property. There go all the maintenance guys, landscapers, office staff, and so on. MAYBE they can sell it at auction cheap, but the new landlord sure can't afford to do anything with the property if everyone still isn't paying rent. And now they're responsible for everything at the property, so who would even buy it in the first place?

What about utilities? Some places roll water/electricity into your rent, since the meters are split between several units sometimes. If there's no rent, you can bet your ass there's gonna be no utilities. And that only hurts the people living there.

Likewise for small landlords, many of which are a family that rented their old house instead of selling when they moved. The ONLY reason they can afford a second mortgage is from rental income. It gets foreclosed on, there goes half the family's assets. Assuming they even get to keep their current home.

And let's go up the chain. Moratorium on mortgage payments. Now the bank or credit union is taking the hit. They can't generate business by lending out money or investing is they aren't getting paid. Sure, the too big to fail banks can handle some, but many credit unions are a local family business. Small banks. They don't have the reserves to not get their money back for months.

As well, is interest frozen over this period or no? That's gonna hurt pretty bad when you have compounding interest over several months of non-payment. A million dollar loan ( very small for a multi-unit rental property) is gonna be around $3-4M in interest every month. That'll set your payment plan back by years. A decade even.

[Svartalfiar]

That is why WE, the taxpayer, should not be held liable for his debt. Believe it or not, the government is NOT your Mammy and/or Pappy.

Gov't isn't your Mom and Dad to bail you out, but it also isn't Mommy n Daddy to send you to your room and ground you. FedGov certainly isn't responsible, but every closed business, every place that goes out of business, that's entirely on the local Mayors and Govs that forced lockdown on their State. That should be an easy eminent domain claim. Best to open up and cut their losses, cause these places sure can't afford to pay this off, on top of their tax base they killed, which is why cities and States are already begging for FedGov bailouts.

[familyop]

Lefties like personal debt.

[familyop]

Over the past week, I’ve seen customer traffic decrease by about two-thirds in states that haven’t closed businesses. Blue state or not, business is very slow.

That means that there are few jobs available and many people out of work. The money from renters out of work just isn’t there. I know of several multi-unit rentals with only very few of those units occupied now. So with or without a moratorium on rent, some landlords will have a hard time.

What is important, is that President Trump will be reelected in November. Otherwise, with the new, harder socialist brand of Democrats having a puppet in the Executive office, landlords will certainly lose their properties, permanently. They won’t be purchasing more properties, either.

The reelection of President Trump isn’t only the greatest priority. It’s the only thing that matters until the election. Any faction that complains too much against the Trump Administration will go right under our bandwagon.

[familyop]

One more thing... Anyone who owns a business should know the economic wisdoms of our forefathers, savings for difficult times being number one. A business plan with good contingencies is another.

Nothing is really free. We need to break the chains of foreign mercantilism and domestic traitors. We need many more factories. We need more Americans producing truly useful things—not a class of people receiving incomes for sitting on their heinies.