Rolling US Economy Into The Shitbin Thread

in Florida, there are 2,600+ evictions pending in the court systems, and hundreds of evictions that have been approved by a judge, merely awaiting a Sheriff to serve them once the moratorium ends. like they'll probably show up the day the moratorium ends to remove citizens

here there are a handful of exceptions to the moratorium and we're starting to see landlords go about using them ...however, with the fact that it is summer plus lots of people are out of work, one of the handful of events going on in the city are caravans to the houses of these shitty landlords to protest their shitty behavior.

Are banks renegotiating/pausing mortgages for landlords?

if we are talking about huge corporations ... no loans ... if we are talking about the little old lady who makes $30k off her rental and her only other income is social security ... then, yes.

bingo & thank u

But huge corporations will be able to hedge anyway, and won't be badly harmed. So give them the loans, and let renters have the satisfaction of seeing small landlords like the little old lady crushed into the gutter

Not sure what the word “hedge” means in that sentence

https://gothamist.com/news/crown-heights-landlord-building-evictions-protest-brooklyn

The landlord — who tenants say evicted them and moved his own stuff in last night — is standing in the doorway, as tenants and protesters curse him.

“You’re evicting people in a pandemic you phoney liberal motherfucker. You belong in a Dickens novel.” pic.twitter.com/kRRx9DdAbp

— Jake Offenhartz (@jangelooff) July 8, 2020

The next day, the tenants reached an agreement with Gendville, who promised they would have until August 1st to vacate. But she became "infuriated" by their request to put the agreement in writing, tenants said. On Monday, her and Brooks-Church, accompanied by their two dogs, maintenance workers, and three children, entered the house and started threatening residents, according to multiple tenants.

"I'm in my room listening to Death Grips. It's loud, and all of a sudden Loretta swings open the door, gets in my face, calls me a trespasser and tells me to 'get the fuck out,'" recalled one 22-year-old tenant, who declined to give their name for fear of being sued by the landlord. "She grabs my wrist to block me from locking the door. I'm scared out of my mind."

it goes, it goes, it goes, it goes, it goes, it goes, it goes, it goes ... GUILLOTINE!!! (chop)

this seems...horrific? but what do i know

Here's how the eviction crisis will impact each state. https://t.co/Yl5aDvu2Ar pic.twitter.com/1v2DjrS4sy

— CNBC (@CNBC) July 27, 2020

People overuse this metaphor but we really are the coyote, suspended in midair, just as he’s realised the road ran out about thirty yards back

it's a time bomb waiting to explode.

i don't know how Governors think this will just go away.

merely extending moratoriums on the actual procedure just allows landlords to continue to seek past due amounts and even serve paperwork up until the point of getting the Sheriff. 2,000+ ready to be evicted the day Florida's moratorium goes.

https://www.marketwatch.com/story/america-is-facing-an-eviction-crisis-as-moratoriums-expire-this-is-a-potential-catastrophe-2020-07-23

Forgiving or canceling rent would mean that landlords would seek assistance rather than tenants.

whoa whoa whoa hold on there buddy

it sounds like you want..... those with accumulated wealth to..... shoulder the risk???? BWAHAHAHAHAHAHA

tell me another one! this guy

THIS IS AMERICA, MAN

There was an old woman who lived in a shoe
She begged for rent forgiveness
Landlord said "fuck you"

Shorting the S & P 500 when Tombot started this thread would have netted you 100% gains in about 15 months, not bad.

Going long would have also netted you 100%, but only after 11 years

landlords pay tax on rental income ... residential tenants rarely get to deduct rent as an expense, and states with renter's credits -- those credits are pretty small potatoes compared to the tax situation for landlords. Having a, idk, plan at the federal level that keeps tenants safely housed but deals with the economic impact to landlords seems like the most reasonable thing to do from even a politically moderate perspective.

I have been a renter for nineteen years. In very good times, i rented a condo in venice beach, in bad times I went week-to-week in a windowless attic walk-up in washington state, an unheated sublet-of-a-sublet in oregon, a ramshackle triple-decker in massachusetts with holes in teh ceiling, and eventually worked my way back to half of a craftsman... where I'm sitting typing now. and more. i've dealt with massive management companies, owner/occupants, and out-of-state little-old-ladies subsidizing their retirement with the house their families once owned. I've been evicted due to job loss and poverty, and I've had a building sold out from underneath me. I've been denied affordable units because of a credit score, and (softly) because of racism against my partner. only once, in those nineteen, years have i had a landlord operate fully above-board, with legal tax status, and with any sort of concern for my well-being. I don't want to say 'screw all landlords,' because I know there are people who are great landlords... but it's really hard to summon an equal amount of sympathy for people who seek to profit off their landholdings as it is to feel for the hundreds of millions of renters who are about to be out on their asses.

millions. not hundreds of millions. point stand.

being a landlord is running a business. i think it's fine to bail out businesses, including landlords, but i have no idea why we are talking about bailing out landlords ahead of daycares and restaurants. it's expensive, it helps relatively few people, and the people it helps are on average wealthy.

Landlord can't pay mortgage/taxes --> landlord gets foreclosed on --> property may not be available for rent anymore (banks don't want to be landlords, and even if they sell it to another would-be landlord this takes a lot of time) --> multiply this enough times and you get reduced housing availability for renters.

Just give the houses to the people renting them for free

And make the landlords get real jobs

Landlord can't pay mortgage/taxes --> landlord gets foreclosed on --> property may not be available for rent anymore (banks don't want to be landlords, and even if they sell it to another would-be landlord this takes a lot of time) --> multiply this enough times and you get reduced housing availability for renters.

― longtime caller, first time listener (man alive), Tuesday, July 28, 2020 5:24 PM (three minutes ago) bookmarkflaglink

fail a running a business, sell assets to public.

right, but the reality is sell assets to bank via foreclosure, that's what actually happens.

ah, i didn't realize we were talking about a world with only one option.

buildings also likely to fall into disrepair in the meantime.

There isn't "only one option," but no one is buying a rental property where you can't expect to have tenants that can pay the rent, and in many cases a short sale is not possible

i mean i'm aware why public ownership doesn't happen (it's illegal in california, for a start), but the idea that bailing out landlords is in the top ten things we could be doing with our (allegedly finite) money in this emergency is preposterous.

buildings also likely to fall into disrepair in the meantime.

it doesn't magically become unoccupied. a bank taking possesion of a home has no rights to evict tenants beyond those the original landlord has. in fact i think they are more constrained, at least in CA.

Welcome to America. The president is a landlord. Other options for renters will rely soley on the kindness of their own landlord. The government will most definitely come down on the side of evictions.

i have never had a landlord do any repairs to any place i ever rented.

on the other hand, i have definitely had landlords immediately renovate a place i'd just vacated and start charging double the rent to the next people.

i have never had a landlord do any repairs to any place i ever rented.

― Li'l Brexit (Tracer Hand), Tuesday, July 28, 2020 3:30 PM (five minutes ago)

where have you lived that this is legal

As if landlords adhere to the law...

Landlord can't pay mortgage/taxes --> landlord gets foreclosed on --> property may not be available for rent anymore (banks don't want to be landlords, and even if they sell it to another would-be landlord this takes a lot of time) --> multiply this enough times and you get reduced housing availability for renters.

Aren't those houses either going to be purchased and put back on the rental market or purchased by people who otherwise couldn't buy/drive down house prices overall opening the market to people who were renting, which then frees up rental stock?

i have never had a landlord do any repairs to any place i ever rented.

― Li'l Brexit (Tracer Hand),

heh, i think about 1/2 of mine have pretended to care. usually it's some version of "....uh yeah that just doesn't work."

My landlord replaced my water heater himself and did such an unsafe job (no way to let an overheating heater vent rather than explode) I paid someone to come out and redo it.

I've gotten so used to being able to make noise I'm terrified of going back to a 1-bedroom apartment.

milo wtf kinds of noise are you making

Guitar, mostly.

Sometimes just atonal wailing at life in general.

Time to buy a cheap house in the boonies and telecommute forever

I saw a sweet 1930s Crafstman in a town in Illinois 90 minutes from Madison for $60k...

yeah I dunno, I can't really come up with a good defense for bailing out landlords I guess.

lovin how they keep bringing up these poor widdle old ladies losing income from their rental property

As if landlords adhere to the law...

I have lived at my current location years longer than I probably would have otherwise cause the landlords are actually cool/nice/reasonable/responsible and this is nearly IMPOSSIBLE to find.

I couldn't give a fuck about any landlords. I just want renters to keep roofs over their head. however we can best achieve taht, to which I have no answer.

otherwise "relief" will be known as "350 million gofundmes"

Landlords often adhere to the law....IF you are cognizant of the law, your rights, and have the time, energy, and money to enforce it.

If you're a struggling mother of 4 living in a cramped home that works long hours and can barely scrape by on rent every month, you're hardly going to have the energy to fight a landlord at the end of the day, the money to take them to small claims court, or the time to become an expert on your rights.

my last commercial landlord that wasn't just a person who had a room for rent tried to fuck me on carpet repair charges after I moved out, and were clearly trying to charge me for normal wear and tear. I wrote a dispute as allowed by law, which they summarily ignored, and then sent the amount they charged me to collections. An angry call and an email later, they were like "ohhhh just kidding holmes, here's the REAL charge", like "lol, ok, you got me". that's how they always are.

I got treated with more respect and adherence to the law by the lady with two dogs that I lived with last year. it helps when they actually live with you, because they have to live with the same bullshit you do.

the whole reason most states have to write that "self-help" evictions (ie, changing the locks on the 3rd of the month, deliberately shutting power off to a delinquent renter's house) are illegal in their statutes is because of the sheer volume of landlords doing illegal shit like that.