Nearly 2 million households owe $15 billion in back rent as eviction moratorium expires

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It is so funny to hear renters talk about waiving rent like that is the end of it and "rich people" just just absorb the loss. Most rental property is mortgaged. The rent is used to pay the loan to the bank. Let the banks absorb the loss? Then the insurance companies insuring the bank loans from default pick up the tab. So, let the insurance companies absorb the loss? If a state licensed insurance company goes belly up, files bankruptcy, that state is then responsible for their losses. And it takes years and years and tons of work from a law firm to get the state to pay.

In reality renters who lost their job due to covid have always had a subsidy coming in the form of welfare, food stamps, and federal relief money. That federal money should have gone directly to pay the rent, not for cigarettes and liquor.
 
We have 2 rent houses and let 1 stay empty while this no evict for none payment was going on. I'm glad it ends! We still have a mortgage to pay on the rent property side since that is the majority of our pasture land. It will be nice to get a rental income coming in steady again to help with the payments. We live within our means and never hurt, but still would be nice.
 
I have very little sympathy for anyone that dosent pay their own way. I wonder how many of them took their stimulus checks and paid it to the landlord?…… I do have sympathy for the landlords that had to make the mortgage payments while the deadbeats rode this eviction freeze out for a free ride. Here many restaurants are drive thru only with signs that they can’t find help to staff for indoor dining. Life is hard, sorry. Get your lazy ass off the couch and find two jobs if needed to pay your way. I worked two gigs much of my life to get ahead.
 
Brent S said:
I have very little sympathy for anyone that dosent pay their own way. I wonder how many of them took their stimulus checks and paid it to the landlord?…… I do have sympathy for the landlords that had to make the mortgage payments while the deadbeats rode this eviction freeze out for a free ride. Here many restaurants are drive thru only with signs that they can’t find help to staff for indoor dining. Life is hard, sorry. Get your lazy ### off the couch and find two jobs if needed to pay your way. I worked two gigs much of my life to get ahead.
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At last, you are sounding like one of us. I worked two jobs at various times and never even thought anything about it until I tried to take a third job and some high school girl at one of the jobs asked me how my wife was going to like that. Stranger perspective for a high school girl but it did make me think.
 
I figure if you want free handouts and welfare go ask the government, Not me as a property owner.
 
Amish Heart said:
And Californians are giving stimulis money to illegals to pay for their college. Dreamers getting a free ride
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Not only that, they get into college with preferential treatment, first, before your kids do. That is how Xavier Beccera got into Stanford and then the California State Attorney General and now some flunky post in the Illegitimate Puppet Administration. His parents are illegal aliens.
 
I do want to tell a family story for a little balance on this issue. During the Depression my grandfather owned farms, ranches, businesses, a bank, and lots of land in upstate New York. The was the biggest fish in that little pond. Then the Depression hit, My father had to come home from college. Nobody in that little town could afford rent or anything else. The bank loans all defaulted. My grandfather's diary business went under. The business and farm renters could not afford rent. He just let them stay. There was no point in his mind in evicting them. He was going to lose everything he had anyway no matter what his tenants did. Well, everyone survived the Depression but my grandfather had nothing except a very large house and grounds to show for his lifetime of work. But in the end he was no better or worse off than anyone else in that town and had not been an A-hole to anyone.
 
As much as it sucks, sometimes it IS better to leave a non paying renter in during rough economic times. Empty homes are often vandalized and stripped of everything of value. Nothing like checking your rental to find some tweaker destroyed all of your drywall to steal the copper pipe for a few bucks. Now you need new plumbing, drywall, and paint; if they didn't also break the windows and damage the floor.
 
It's been interesting to hear how my relatives fared during those depression years and also during the Spanish Flu years. I'm living in the same town, and they had seemed to do pretty well. The community helped each other, which I still see. And family took care of each other.
 
The way I see it:
Landlords are owed money. A number of those did not save their government stimulus checks to pay the back rent, but spent it on dumb stuff.
Now those people get evicted.
Thing is, there are still a lot of people not working.
As a landlord, who do you rent to if people do not have jobs? Rental property goes vacant. Landlord defaults on loan to bank if the landlord does not own the property outright.
Has some similarity to the housing crash of 08-09.
 
a lot of British rental landlords wont rent if people arent working but in most areas "housing benefit" is paid that either wholly or partly pays the rent so its almost a guarantee, so I guess its just snobbery.
 
granted there are some places that are hiring over here now mostly in the tourist and hospitality sector but many companies closed during the pandemic never to reopen ever again.
 
Businesses close everyday, and new businesses open everyday. Yes, many businesses were harmed by the governments overreaction to this BS. Today everywhere you look there are Help Wanted signs out. Theres an estimated 9.2 million job openings, i think the number is much higher.
 
I had a tenant once who was a contractor. He was a single parent with a son and even though they were 90 miles away, we knew someone in common, so I rented a house to him. Everything went fine for years. Then one day I got a call. He had broken his neck in an off-road accident. Well, that pretty much means no rent, right? So for several months he paid no rent and I asked him for none. He had an iron bar in his neck and could barely get around although not paralyzed. About seven months later he called with some news. He was sending me a check for 7k, all the back rent. Somehow he came into some money and a relative had given him more. I got all my money at once with no bad blood. Finally, a couple years later I was selling the house and had to move my grandson in to renovate (my grandson is now a contractor). But I did give my tenant 3 more months free rent out of respect before my grandson moved in.

Of course this is not the norm. What would usually happen is if an upside down tenant came into some money, he would leave in the dead of night.
 
Schattentarn said:
It is so funny to hear renters talk about waiving rent like that is the end of it and "rich people" just just absorb the loss. Most rental property is mortgaged. The rent is used to pay the loan to the bank. Let the banks absorb the loss? Then the insurance companies insuring the bank loans from default pick up the tab. So, let the insurance companies absorb the loss? If a state licensed insurance company goes belly up, files bankruptcy, that state is then responsible for their losses. And it takes years and years and tons of work from a law firm to get the state to pay.

In reality renters who lost their job due to covid have always had a subsidy coming in the form of welfare, food stamps, and federal relief money. That federal money should have gone directly to pay the rent, not for cigarettes and liquor.
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You have hit the nail on the head. Why do some people think that landlords are bad? What I see happening is a lot of deadbeats owing thousands of dollars having no intention of ever paying it back . leaving and trashing the place first.
 
CA is paying all back rent for people. WA and OR have moratoriums until the end of September. I'm guessing they will extend them forever or just use taxpayer money to pay them off like CA. The LEFT coast.

 
My daughter is a flight attendant who has worked her butt off to buy a duplex. She has a non-paying renter whom she hasn’t been able to evict in Illinois. She is literally on a verge of becoming homeless because of this administration. So sad.
 
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