Too early, we're still in the middle of the pandemic. Who knows how numbers are going to be in October
It's probably not instantaneous. Other people in this thread mentioned that savings is up, so I'm guessing people have some money saved up, and therefore can probably last a few weeks (or months?) before running out of money.
>could be kicked out of their apartments
Aren't most cities still not processing evictions? Even if they did, the combination of social distancing restrictions (less court capacity) + flood of evictions probably means there's a huge backlog, which means very little people would end up getting evicted.
I agree, seems incredibly short sighted. I’m not a landlord so maybe I misunderstand the thinking.
Is it something like tenants who get evicted then have to find even worse landlords to rent from so by evicting people in tough economic times you gain access to tenants at their lowest rate/most desperate? So effectively any tenant you get in bad economic times is someone who is more likely to be stable and reliable after recovery?
I’m totally making things up at this point. It is truly baffling to me.
If you have tenants in NYC right now who aren't terrible, I think you want to keep them because there are a bunch of empty apts
In NYC if you want a good apartment right now, you can significantly underpay for the next couple of years (if your lease is up), but a lot of people whose leases are up are leaving
You make a good point, though. There will be a large shuffle for the next few months (and probably gradually back in the following years), so whoever "makes shovels" for moving will be in a good position
Part of the benefit of renting - for both parties - is ease of vacating.
AFAIK there's no "lost income" deduction. Yes, you pay less taxes, but that because you had less income to begin with, not because of some deduction. If a tenant is not paying, then you're not getting income, so you're already paying less taxes.
Upshot: evicting non paying tenants can be profitable, while letting them stay on “they’ll come thru, just give them time” grounds can mean losing the property outright. (Strange this must be explained on Ycombinator.com.)
https://www.realwealthnetwork.com/learn/landlord-tax-deducti...
Are you not able to claim rental property losses if you simply have a tenant who is unable to pay?
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My model for dealing with a pandemic-induced economic slow-down is that if you can just jump forward til the end, most things will revert to normal (for airline companies but also tenants who can't pay rent)
It's not clear to me that evicting someone and then needing to cut rates to find a new tenant who can afford to rent is a better deal than keeping someone who has fallen on hard times for very straightforward reasons
I guess you could also use it as an opportunity to get rid of the more problematic tenants in jurisdictions where that is difficult.
It's not an easy problem to optimize this.
It just seems to simple to say "when the stimulus is gone, and people can't pay rent, evictions will be huge".
Not all proposals are the same. A man who refuses to buy his child a new video game console is not the same as a man who refuses to pay for his child's life-saving surgery.
Your jump from "refusing to act against a deadly plague" to "refusing any spending proposal at any time" is breathtaking: I'm a little skeptical that this was a pure mistake...
165,000 Americans are dead. Most of them died in agony on a respirator. The vast majority of those deaths were completely avoidable: https://www.statnews.com/2020/06/19/faster-response-prevente... And people of color are hugely overrepresented in this number.
Since the start of the pandemic, McConnell has systematically opposed any rational reaction to it, and strongly supported the psychopathic lies of Donald Trump.
McConnell is not some nice old man who systematically caused tremendous damage to the hundred million poorest and blackest Americans for the last thirty years by mistake and now accidentally killed another hundred thousand, sorry guys!
I strongly hesitate to use the word "evil" in general - but if any human ever has been evil, then McConnell is a profoundly evil man.