There is no rent fairy who makes up the rents landlords don’t receive from deadbeat tenants. A governor who waves a wand and declares, “Eviction Moratorium” can’t wave a wand and make landlords whole. From Tim Knight at slopeofhope.com:
This post isn’t going to get me any nominations for a humanitarian award, but here goes…………..
My family owns a number of rental properties in the San Francisco Bay Area. The apartments were acquired decades ago at cheap prices, and they have been good sources of monthly income. The tenants were reliable and paid on time. The “Past Due” column in the monthly report was always a row of 0.00s. Until recently.
I scrolled through the latest report, and I saw entries like this……….
Indeed, some folks were three or four months behind, whereas the majority of the tenants paid their bills promptly. I kept scrolling…………
And the reason for all these delinquencies? I’d like to suggest that this order from California Governor Newsom might just have a little to do with it:
I have wondered about this situation. First govt forces people out of work so they have no income to pay rent. Then they say the landlord has to accept this. Then they stop. Consistency would indicate they should then dictate that the landlord no longer has to pay mortgage to the bank nor taxes to the local council, nor any other overheads. Assuming landlords also need income to live they should also be reimbursed for lost rental income by the state – it is the state after all that caused the situation.
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