Will Congress Bankrupt the Mom and Pop Landlord with This SOCIALIST New Bill?

(Psst: The FTC wants me to remind you that this website contains affiliate links. That means if you make a purchase from a link you click on, I might receive a small commission. This does not increase the price you'll pay for that item nor does it decrease the awesomeness of the item. ~ Daisy)

by Diane Kennedy

Mom and pop landlords, defined as real estate investors who own 10 or fewer properties, own about half of all rental units nationwide. And, according to CoreLogic, a real estate data company, the number of small investors is growing. In 2018, they were responsible for 60% of all purchases, as compared to 48% in 2013.

Let’s get clear on who the target of the latest proposed House bill, “Take Responsibility for Workers and Families Act” will be, at least as it relates to landlords.

It’s the mom and pop landlord.

It’s the people who have often put their entire life savings into a few properties hoping to build up their assets or creating a retirement income to supplement their lackluster Social Security benefits.

And now, Mom and Pop landlords are under attack.

First, there was the Emergency Rent and Mortgage Cancellation Legislation.

It began with a non-starter, like a shot across the bow called the “Emergency Rent and Mortgage Cancellation Legislation” sponsored by Rep. Ilham Omar. You can read that proposed bill here.

This bill first floated the idea of a Congress mandated payment cancellation for all rent effective April 2020 and lasting the duration of the national emergency. During that time, no one could be evicted for nonpayment of rent. No interest or late payment could accrue.

Landlords could apply for help with the payments since they now bear the brunt of the cost of maintaining a property including mortgage interest, property tax, insurance, HOA dues, repairs, and the like.

But there’s a catch.

Under the “Emergency Rent and Mortgage Cancellation Legislation”, if the landlord gets help, then he has to agree to some terms:

Requirements – Landlords who receive relief funds through the HUD program must agree to the following fair renting terms for a period of 5 years:

  1. a rent freeze;
  2. just-cause evictions;
  • mandatory documentation with any just-cause eviction;
  1. no source of income discrimination;
  2. coordination with local housing authorities to make new vacancies eligible to voucher holders;
  3. provision of 10 percent equity to tenants; and,
  • no admissions restrictions on the basis of:
  1. sexual identity or orientation,
  2. gender identity or expression,
  3. conviction or arrest record,
  4. credit history, or
  5. immigration status.”

If you’re a mom and pop landlord, congratulations! You just got a new partner! It’s your tenant who hasn’t put a dime into the property and has lived there for free for months.

That bill didn’t get much further, but unfortunately, some of the ideas are back again.

Now there’s the “Take Responsibility for Workers and Families Act”

There’s a new Bill introduced on 5/12/2020, the “Take Responsibility for Workers and Families Act”  You can read that bill here.

There are over 1400 pages in the Act and it would take much longer than this article to carefully analyze each piece. So, let’s focus just on the part that impacts the Mom and Pop landlord.

It starts with rent. If you own subsidized housing, the tenants aren’t required to pay but there appears to be some help you as the landlord can get with the payments.

There are also some smaller amounts set aside for areas that have the worst unemployment rate. But it’s not a lot of money and the rules aren’t very clear. Without clear-cut guidelines, it seems like the money never ends up where it’s planned.

If you own regular rentals, be prepared to subsidize your tenants.

Unfortunately, there is a whole lot less help if you own regular rentals. The following applies for all property, referred to as “covered dwellings” in the Act:

“The term ‘‘covered dwelling’’ means a dwelling that is occupied by a tenant— (A) pursuant to a residential lease; or  (B) without a lease or with a lease terminable at will under State law.” (see page 531)

Basically, all residential rental property falls into this category.

Here is what is said,

The lessor of a covered dwelling may not make, or cause to be made, any filing with the court of jurisdiction to initiate  a legal action to recover possession of the covered dwelling from the tenant regardless of cause, except when a tenant perpetrates a serious criminal act that threatens the health, life, or safety of other tenants, owners, or staff  of the property in which the covered dwelling is located. (see page 531)

The period to be covered is from the date of enactment of the bill until 6 months after the end of the emergency declared on March 13, 2020 (page 526).

That means that the landlord can’t evict a tenant who doesn’t pay. It also means that the landlord can’t evict a tenant who vandalizes a property, rips out all the appliances, equipment, furnishings and floor coverings or who is threatening to other tenants. It also means you can’t evict for petty crimes. You can only evict if there is a serious criminal act that threatens your life or that of other tenants.

That’s a pretty broad window.

Here’s what this means for the landlord.

But let’s consider what that means for the Mom and Pop landlord. Not only have he or she saved for the down payment, forgoing luxuries they would have wanted but also weekends and evenings caring for the property.

According to data from the National Apartment Association, Real Capital Analytics, and the Institute of Real Estate Management, for every dollar of rent that is received, the following is allocated:

  • 39 cents goes to the mortgage payment
  • 14 cents goes to property tax,
  • 27 cents goes to ongoing maintenance,
  • 10 cents goes to major improvements, and
  • Just 9 cents goes to the owner.

There is a promise of forbearance in the bill. However, it’s not quite as all-encompassing as you might hope. It’s only for single-family homes (defined as 1-4-unit properties) and mobile homes. The forbearance period would be basically the same as the rental stay period. However, the amount of the forbearance will need to be repaid. There are some guidelines to either extend the loan period or reduce the rent.

So, while the tenant can avoid paying and actually cause physical damage to the property, the owner will need to keep paying for property tax, insurance, HOA dues, repairs, and the like. And he will need to catch up on the payments one way or the other at the end. There is no requirement for the tenant to ever pay for the missed payments, unpaid utilities, or damages.

If you have a multi-family unit (defined as 5 or more units), your tenants have the same rights to not pay you and to not be evicted, but you have an even shorter period to pay back the missed mortgage payments.

Then there’s this issue for investors.

There is one more warning in the real estate section. It has to do with investors in the real estate secondary market. They really make the market work. When you, as a real estate buyer, purchase a home with a loan from your Local Bank, Local Bank needs to package and sell that loan as soon as possible. Local Bank makes money giving out loans, not holding loans. The market works by securitizing mortgages.

Congress warns us that real estate lending might not be a good investment. From page 565, “Investors in mortgage securitizations are or should be aware of servicers’ thin capitalization, liquidity expectation that the terms of servicing contracts will be enforceable at times of national financial crisis.”

Since the small Mom and Pop real estate investors often rely on mortgages for their small investments, this could be another blow as investors are warned away from the investment by an Act of Congress, no less.

As of today, this is still just a proposed bill. Some or none of it may pass into law. This is something to watch, though, as things are rapidly changing.

What are your thoughts?

What do you think of this bill? Do you think it’s needed or outrageous? Do you think it will pass? Why or why not? Share your thoughts in the comments.

About Diane

Diane Kennedy, CPA is the New York Times bestselling author of tax and business books. Her website, USTaxAid.com, is dedicated to deciphering complicated tax law laws and turning them into actionable tax strategies anyone can use to make and keep more money. Visit her Facebook group for all the updates. Coronavirus Acts have created a whole new type of tax law called CoronaTax. You can read more about the latest tax laws and strategies to put more in your pocket in Diane Kennedy’s book, CoronaTax: Free Money! New Opportunities!, only available at www.USTaxAid.com.

Guest Contributor

Guest Contributor

Leave a Reply

  • What exactly does “subsidized housing” mean? Wikipedia says “Subsidized housing is government sponsored economic assistance aimed towards alleviating housing costs and expenses for impoverished people with low to moderate incomes. Forms of subsidies include direct housing subsidies, non-profit housing, public housing, rent supplements, and some forms of co-operative and private sector housing. In the United States, subsidized housing is often called “affordable housing.” ”

    This seems to say that these dire provisions only relate to landlords receiving all or part of the rent from some government agency. So, does that mean that if the renter receives no government assistance then these draconian rules don’t apply?

    Yup, this bill is designed to drive the owner of “subsidized housing” out of business.

    • billybob.
      Agreed!! All we have to do is look at the Past to see the Future!! Everything is Scripted for the ONE PERCENT Running the Freak Show around the World!! Always an ISM Involved:Globalism/Nazism/Communism/Now for the new and improved:Coronaism!!
      All backed by the Satanic Cults!! Once the Government started this Nationalistic Show of buying into every Corporation then you know it is Game Over for the Economy and having people sitting on the Ass at home collecting a Paycheck!! Obamacare never went away it found a new purpose with the Plandemic: the Brown Shirt Brigade:Contact Tracers.

      When all is said and done we need to be saved and have Jesus Christ in our Hearts!!

      I can do all things through Christ who Strengthens Me.
      phillipians 4:13

    • Not just out of business but into bankruptcy. Then the 1% can buy these properties up for a song out of bankruptcy or for property taxes. Then when they have enough property, they change the law to something more favorable to themselves. Or maybe local, state or the federal government buys the property and we find these new laws don’t apply to governments. Instance slums!

  • I’ve been telling people for years that the US is ripe for a Maoist revolution. Well it’s here now.
    When this is over the US will be a communist nation.
    You can’t stop it.

  • Cold, hungry and homeless. People cannot pay rent. Those people need help immediately from somewhere!
    This is a national crisis of unfathomable proportion. States should intervene immediately. Lack of that intervention then falls on the government.
    What would you then recommend instead?

    • I’d recommend not screwing the landlords.

      If the government is going to be made responsible for this, then they should be paying the rent, not just forgiving the rent. That money is not the government’s to forgive. Landlords have all sorts of expenses. For how long should they be forced to pay those expenses for tenants who are not paying? Think about this rationally. If you owned a building with 6 apartments in it that you maintain, pay the heat for, keep the hallways and outdoor areas clean, repair the things that are broken, pay the property taxes for, pay the insurance for, and pay the mortgage for, how will you do that when no rent is coming in? Many landlords have a very narrow margin of profit but they’re trying to build something that will eventually support them and their families.

      What other businesses do you feel should be forced to operate at a loss?

      Why is it okay to make one group of peoples’ hardships a hardship for a different group of people? Answer: It’s NOT.

      • Great explanation, Daisy. The more of this stuff that gets passed, the more anger will be aroused in the middle class. These government officials don’t know what they are unleashing, and something that hasn’t been legislated yet is the hunt for taxes. As states and the federal government lose revenue from tax-paying entities, they will start going after taxes from other sources- raising property taxes, taxing more “sin” items, nationalizing 401Ks, IRAs, and non-government pensions. This country is positioned for a disaster of proportions we don’t even comprehend yet.

        • I forgot to mention one other thing- there are services you can pay a subscription to that will run background checks on potential tenants. We have rental properties and it is part of the application process. The applicant fills out and signs the disclosure and pays the fee if they are serious about renting the property. This background check looks at credit and court records, which goes a long way in weeding out people who are likely to not pay the rent or cause property damage. We have never had a problem with a renter using this service.

          • I chuckle, because where my rental property is, out at the edge of the RE galaxy, no one interested in living here would ever pass a credit check. There have been several first time renters with no credit history. They have to start somewhere. There have been ex-cons, pharmacy burglers, weed growers, alcoholics, meth heads and mentally disabled. And a guy with Asperger’s Syndrome. Most of them were menial workers by trade.

            My ‘credit check’ consists of looking them up on Intelius, and if they actually are who they say they are, then that’s good enough for me. And I don’t even charge them for that. The rest of their financial, job and legal crap is their problem, and since every one has a lot of it, it is expected before they even get here. They don’t even have to have a job, as long as they can pay to get in and shoot for next month.

            I have not charged any deposits to new tenants since 2009. They don’t have the money on one hand, and every single one leaves the place in need of a total re-do, so I make it easy for them to get in. I expect the place to be totally trashed when they leave, and am never disappointed in that regard. If you know it’s going to happen, you plan it in the project and its budget.

            Some pay all of the rent and some don’t. I’ve had to boot a few. Others find something better and move on. All told, what I got is what I made, regardless what the rent was supposed to be.

            It worked for me because I’m here all of the time watching over it, I have a lot of life experience and street experience, highly educated so I can figure out and deal with the various types of kooks, and I constantly try to improve my people-reading skills. But for the most part I don’t turn anyone down–I take them on and deal with them. Everyone has baggage, and no amount of credit checks can ever hide that once the rental begins.

            In short, it is just like the TV show Newhart out here.

    • How about an end to the “pandemic” fraud that is ushering in communism via the back door?

      • Yes this “Bullshitarona Virus” scam is Obvious in the Red States but talk to some of your Friends & Relatives who live in the Blue States & you’ll notice a Certain End of the World, We NEED a Vaccine, this is just the 1st of Endless Viruses & Most of them DO NOT BELIEVE in JESUS or GOD Just Medicine, Doctors, Drugs & Government. Idiots. You can Still Love them But Let them Go.

    • As a Landlord of one rental, I would ask that Government stay out of it and let us Landlords handle it when people can’t pay rent. Some people will need to move and find another home, others will be able to stay with no rent, or reduced rent as a decision made by their landlord.

      In my situation, I worked hard and paid off my first home, moved out and now use it as a rental. So I have no mortgage. Should I be FORCED to give free rent to my tenant? I don’t think so. However, being that I have no mortgage and can afford right now to pay the other expenses, I am prepared to give my tenant a free rental period(s) if that’s what needs to happen. He and I will work that out. I am a generous person with a heart and most likely would not force him to leave. However, I believe he should be responsible for making good financial decisions of his own, and I am not responsible for picking up the pieces if he doesn’t. Everyone has the opportunity to work hard to save for when times are tough, but most of us have a hard time thinking that way and resisting the urge to have what we want when we want it. Not all of us, but most. I know I certainly struggle with it myself. That being said… my attitude STILL leans toward giving people a second chance. So I would most likely not hold my tenant accountable for what I might perceive as poor financial decisions. But I would like to have the freedom to make that choice.

      The person giving and the person receiving miss out on the spiritual blessing that happens when that choice is freely made, rather than forced or managed by an outside entity. And we all know that Government is probably the worst manager of money there is… because it’s not their money.

      Good-hearted people who want Government mandates don’t realize that they 1) do not trust people to work it out between themselves, and 2) do not trust God to take care of each person’s needs and to use hard times to bless them with invaluable experience. I have experienced in my own life that many of the seemingly bad things in my life turn out to be the greatest blessings. In the meantime, those of us who CAN help will be held accountable by God if we fail to do so. We don’t need Government to do it.

      • So true, Julia I am a landlord also and I think I should be the one to make the decision about my renters!! Government needs to stay out of our lives! They screw up everything they get involved in!!!

  • blatantly unconstitutional. .GOV would deprive property owners of the full free use of their property.

    but – they’ll need lawyers and court time to obtain relief.

    and money.

    and civil courts are closed.

    I was looking at buying my deceased parents’ property from their estate and renting it out. with nonsense like this on the horizon, no way in hell…

  • It was hard enough to rent a cottage in NYS before these regulations. I found out the hard way that the law was stacked against small landlords. Renter doesn’t pay? It takes a year to go through the eviction system. The last tenant I had stopped paying for rent & utilities. It is illegal to turn off utilities, so I had to sit by and watch him run the AC at full throttle even in 60 degree temperatures. So I took him to small claims court. I was reimbursed for the utilities, but the rent payments have now stopped because of the coronavirus. I decided not to try renting again because of the legal hassles. I predict that more and more small time landlords will also stop renting with these proposed changes. That will lead to a shortage of rental units, which means that rents for “the impoverished” as well as the middle class will rise dramatically. It’s a losing situation for everyone.

    • It s quite common in my town for owners of 1 or 2 rental properties to not rent out because getting paid is so difficult and places get trashed. I will be joining them later this year and using my modest extra house as an office. Frankly, I have little sympathy for tenants these days, because I rented for over twenty years, paid all of the rent on time, and cleaned up when I left. Tenants often don’t do any of that any more. My duplex will be for me only, and if rents out there get sky high, too bad.

  • Thanks for another great article and another perspective. Here is my perspective as a tenant who lost my income due to this emergency. My landlord who is what you would call a mom and pop landlord started harassing me asking me where the rent was every time he saw me. We live in a duplex so he saw when I was doing laundry and would come ask me over and over again where the rent was BEFORE it was even due! on 4/30 he asked me about my May rent and my JUNE rent! There is a law in place right now in my state like the one above and he cannot evict me for any reason including non payment of rent. I have not damaged the place, however, he has not even kept up the place. You’re assuming landlords do upkeep? This landlord won’t allow me to have an OVEN. You heard me. He overcharges me and then tells me he won’t have an oven here because he’s afraid if someone would put on all TWO burners at the same time as the oven. Imagine that. He lied about fixing a bunch of things that he never fixed. He did get me a small toaster oven. Nice guy. He harassed me by telling me he doesn’t do this for a hobby, it’s for his retirement. He says if people don’t pay the rent it will hurt the little guy, meaning him the landlord. He doesn’t understand that in this situation I am the little guy. I did pay him 9 days late, something I’ve never done in my long life. I paid him with the stimulus money I received. He had previously told me that people were going to take advantage of getting this money. I wonder if he has changed his mind about that now? He has not done upkeep. He doesn’t realize soon I will have a lot of money from many months of back pay from unemployment and my job will come back at some point. Because of his horrible behavior before and during this crisis, I won’t be giving it to him. He overcharges on the rent. He refused to fix the lock on my front door! He said and I quote, “Nobody wants your stuff!” This was back in late January. I made him fix the locks and give me new keys. Imagine if things got worse in this current scenario, I bet there’s a lot of things I have that people would want such as food, water, etc. Always try to look at things from everyone’s point of view, not just the landlord’s. These landlords, yes, they buy up properties so they can have a retirement, then they overcharge on rent that nobody can afford while taking multiple homes off the market that no one can buy. So if there was not a law in place, my landlord would have evicted me for paying my rent late and gave me late fees, etc. in the middle of an international emergency where there’s 30% unemployment in this country. I am very glad this law is in place. It does provide that the tenants need to pay the money back, but saves us from being homeless in a “shelter-in-place” scenario.

    • It is not your job to mete out punishments that you deem appropriate. Sounds like you should have moved already – if this guy is not a good landlord, no one will rent from him and he will have to change or not rent. Maybe he is not doing upkeep etc. because he wants you to leave. You sound vindictivel so that would not be surprising.

      Your comment points out how you are and know you are taking advantage of these unusual circumstances – that is terrible, you have an agreement to pay rent, the landlord still has expenses and relies on the income from this property to meet his obligations. Shame on you. It really doesn’t matter if he is a jerk, it is his property, you do not have to live there. Pay what you owe and move.

      • Kay: in some places, moving is not an option, except to move out to the street. Or to another state.

        “Homeless” can include living in a camper, van, and needing to possess limited possessions. I know an engineer who is living in a van because he could not afford the rents in his area, even with his high paid career.

        As for “The Little Guy”, while I can sympathize with his situation, you are right that he made the commitment and should fulfill his obligations, or move out. Just recognize that “moving out” doesn’t necessarily mean living in filth and squalor on the street as is happening in San Francisco and L.A.

  • HAHAHA,AND ALL THE MORONS WANTED THE POLICE GANGS TO PROTECT THEM,and NOW the tables have turned on you JUST LIKE THOMAS JEFFERSON said they would,YOUR HERO’S will now be the ones to STEAL YOUR FREEDOM AND LIBERTY,and your still kissing their ass,GET READY for them to come and take you to a FEMA DEATH CAMP ,I know your way to yellow to fight,SO your trip home to your daddy SATAN is close by..and don’t believe for one second you’ll get into heaven,OUR LORD JESUS WAS killed as TWO HUNDRED CITIZENS watched them kill our LORD,SIX SOLDIERS ,no one lifted a finger to help him,COWARDS ARE NOT ALLOWED INTO HEAVEN….GET READY TO FIGHT YOUR HERO’S…

  • This is going to be a little off topic Daisy, but not so far. Never let a good crisis go to waste.
    Have you noticed they have changed the dialogue? It’s no longer “flatten the curve” but now how many more lives will be lost if we open up.
    They have got a new wizard behind the curtains at Washington State that has come up with a formula that shows how many more people will die if red states open up. They are now waiting for that window wizard Bill Gates to come up with a vaccine for this virus. No one has been able to before, because it would be literally curing the common cold. But Bill, who owns WHO, has been “working with third world nations” developing new vaccines for the young.
    But it’s never been about saving lives. It was about flattening the curve. Same number get sick, same number die, just over a longer timeline. It was about not overwhelming our current health care system. That has been accomplished.
    They have changed the dialogue to saving lives. This will be at great expense. But the socialists still haven’t turned enough sheeple. Now they introduced this 3 trillion dollar bill that stealing your property is just a small part of.
    Never let a good crisis go to waste.

  • Sadly, even the most educated forget to remember their history.
    We, the American People, were warned that…….if we allow the private banks to issue the nations currency, and set the value therein, the corporations that will grow up around those banks, will deprive the people until they are homeless on the continent we conquered. (paraphrased).

    You have allowed corrupted criminal lawyers to pass legislation that took over all aspects of money in your country. Those banks and corporations now can create money out of thin air, while you must work for yours, and on top of that pay them taxes to boot.

    From the book Money Mechanics written by the Federal Reserve……when you write a check and give that to any person or store there is money in that account to pay that check. When a City, County, ot State writes a check, that checking account has money in it to pay that check. When the Federal Government writes a check, there is an account with money in it to pay for that check.
    When the Federal Reserve writes a check, there is no account from which to access any funds. So, the Federal Reserve simply inputs that amount of money into a computer system, and instantly creates that amount of money for the check. In other words, there is no account that exists. The money is created out of thin air and put into circulation.

    By the way, if the Federal Reserve Corporation Bank is a government agency, then why are all 12 branches of the Federal Reserve Corporation Bank listed in the Standard and Poors Book of Corporations??

    Take back the control of your nations currency or there is never going to be any solution to any of our issues.

  • This bill, or one like it, will pass, because government folks will not resist looking like they are doing something about this scamdemic.

    This bill will make criminals out of folks who contracted with each other to exchange use of housing for valuable consideration. This will provide opportunities to steal other folks’ property, and to kill more folks.

    The so-called national emergency attached to this proposal will not end. Currently, there are apparently thirty-one national emergencies still in effect. This is just one more.

  • I think these laws would be life-changing for the landlords.

    If landlords were forced to accept $0 rent for months on end without the ability to evict a tenant, they should be allowed to pay $0 in prorated taxes and $0 in mortgage (w/o payback) which will never happen because then the mortgage companies and towns/school districts would be the ones getting screwed out of money they already loaned and/or spent. Fewer people will have any interest in being a landlord. And landlords who decide to sell their investment properties will have trouble finding a buyer. And…

    The problem will quickly exacerbate.

    • What states does this apply to? I have been paying rent as usual even though I have been trapped inside for months. Everyone else here has been paying their rent as well because the landlords here say once you can’t it’s time to GTFO…… The landlords here are doing fine, I assure you, and they are not going without their steak or anything else. Many of the small ones farm or raise hundreds of cows at the same time. They will be fine, I assure you.

  • The democratic-Socialists are working to ensure that private property and the rights attached to owning private property are reserved for an elite class. Their efforts, if successful, will eliminate the middle class along with any chance of rebuilding a middle class in the future. The world needs a revolution; hopefully the non-violent kind, to ensure that the Globalists/Socialist/Communist oppression is stopped in its tracks and eradicated from our way of life. If this can’t be done peacefully, it is only a matter of time before less peaceful methods are employed.

  • Daisy,
    You can’t imagine how heartsick this makes me. My husband and I have a few rental properties and we work hard to ensure they are comfortable, if modest, for our tenants. Last year, we had a tenant who quit paying rent. It took us months and a couple of court appearances (and fees!) to finally get her out. She essentially dumped her belongings in the floor and left us to empty out the property. There was thousands of dollars in damage, but we have yet to receive one cent in repayment. We are now terrified to rent our two open properties, for fear we will get stuck again. We have worked hard for years, pouring all our time and money into these properties, hoping to boost our retirement income. When a tenant doesn’t pay, our expenses for the property continue.
    This makes me wish we had never dived into rental real estate, as all our work, scrimping and careful planning may count for naught in the end.

  • When currency is not redeemable in gold its value depends on the judgement and the conscience of the politicians.

    Considering our current politicians it looks like we’re in for a very bumpy ride.

  • What a quaint way of referring to agents of the banking cartel as “mom and pop landlords”. Just like in the UK, and many countries in western Europe, this parasitic class of boomer landlords has, for decades – aided and abetted by the scum in the big consumer banks – decimated the chances of home ownership for the young and those wishing to start families. All this has been achieved courtesy of highly leveraged “funny money” “buy to let” loans so the boomers can use their advantage to pull the financial ladder up from beneath them. Good riddance to these parasites and maybe they should use their own EARNED income to save for retirement instead of becoming MacLandlords on the back of all the 2008 bailout money.

  • Sounds like the UK and their housing situation is absolutely horrendous! I really hope this never passes here. I would advise people to SELL. They can’t stop you from selling and then tenants have to vacate. Sell now or lose it all later.

  • Changing the goal post when Mom & Pop are near the end of the game? They played by the rules all their life & just as they’re starting to win the government changes the rules.
    This is NOT about compassion for renters or those who’ve lost their income. It’s Not gracious of the government to give those who’ve lost their jobs & income because the government forced them out of a job because they shut the economy down. Because they’ve also just robbed Mom & Pop of their income & put the Large burden that should be on the govt on Mom & pop,
    No this is about the government being scared sh*tless that all those people who just lost their jobs & homes being in the street & coming after THEM! & kicking their @r$es all the way to the gallows where they’re tarred & feathered publically.
    This is about saving their own @r$e at the expense of Mom & Pop & making themselves look like the white hats when they are Not!
    It’s disgusting! What a bunch of useless, corrupt, irredeemable pigs.

  • I am against this what about other tenants rights? They have to put up with a problem tenant? This is draconian. Why think that is quality living? Its hell! So this is what stack and pack dwellings in cities of the future will be like? Also damage to property non payment of rent? just have to deal with it this is twisted minds of the insane!!!! This is the new morality, new Justice, new normal? This is the new Golden Rule? Love your neighbor as yourself? This comes from a morally unsound crazy mind!!!!!

  • in my opinion, half the illegal immigrant status is to keep rental property’s high, and much of that comes from HUD in the first place.

    Legitimate renters struggle to make rent that is much higher than it should be: citiy’s and towns base the rents and taxes upon the amounts that banks declare the houses are worth….the rent goes higher to pay the taxes and mortgage and meanwhile, illegals often get free rent which raises tha rental rate and takes taxes which then cost others more.

    At one time, rest was considered to be worth about 25% of a single parent income…and now, in my area, rent can easilly exceed 50 percent of a single income.

    So, if those who are profiteering off of rental income, who are also part of the ones who are cheering on the illegal immigrants so they get higher rental rates, and cheap labor for maintaining those property’s, if they get stuck. I think they deserve it…..

    It is wrong to creat an industry of housing that impoverishes people before they even get out of the house…..lower rents mean that people have money left to buy things that others produce, like food, and goods and services….

    Since a worker is expected to be able to function on 15 bucks an hour for 40 hours per week, their rent should not exceed 25 % of their net income for about 400 bucks for a 2 bedroom apartment.

    If we get the banks and high tax rates out of the way as well as those illegal immigrants who are puting such a deman on rental propertys then rents would go down to what people can actually afford, and not what some bank puts on them for a price tag…..

    people should be able to own their apartment without having to go thru a bank .

    stop casting people to the streets while we bring in slave labor and send jobs to china……..

  • The real agenda is not free rent for a month or three months. Read UN Agenda 2030. The real inch by inch is no private property ownership in the USA. This is the first step and they are coming for your lands. YES. Read UN AGENDA 2030. It’s all there in plain English.

  • I would support some limited rent deferments specifically for people who lost their jobs due to this ^#%$ pandemic and whose unemployment checks have been delayed due to systems crashing/inability to process unprecedented numbers of unemployment claims. Just until they can get their unemployment. Everyone should still have to pay their rent, but why throw good people out on the street due to this horrible situation?

    Landlords can get their mortgages deferred for a few months, and most of us don’t pay our property tax till the end of next year. Unemployment checks will be out before then.

    Landlords should still be allowed to evict deadbeats. There are plenty of scumbags who will try to take advantage of this situation and who have no good reason not to keep their commitments and pay their rent.

    I think that bill as written goes way too far but favor some protection for those who have not missed a rent payment (or a day of work) in the past 20 years.

  • I have been active in real estate for many years, and right before the Covid Hoax, started work on buying a property for about 5 million. Prior to the Covid Hoax, offers were in the 75% range, but now offers at running as low as 8% Loan-to-Value. While I would like to finish the deal, It’s become obvious mortgage markets are starting to implode far worse than 08-09. Since 08, there is no secondary market to speak of, and now its getting worse every day. Many sellers do not realize it, but are bankrupted already as no one in his right mind will be lending in 90 days.

    When the Democrats embraced radical communism they made a soul stealing deal thinking to hurt just Republicans. Nothing happens in a vacuum. We are in another Great Depression, one far worse that 29. Property wont sell as no one has the ability to lend, and sellers can’t hold on thru this. That means the banks will take the properties, and they will sell them off to China at bargain prices. There is no averting it. It’s already done, the results just can’t yet be seen. The Democrats have insured the destruction of American capital. Real Estate is not a liquid item, so transfer blocked will ruin the sellers.

    Will Americans stand up for themselves? Will Americans stand up for their children?

    • Well, we don’t believe in Bill Gates and The Vaccine and that it will appear soon and work well. We think Bill Gates is a human rights criminal who belongs in prison. No one is going to vaccinate me. The whole corona hoax is nothing but a political operation and an unlawful insurgency.

  • Wow. Who really knew this Pandemic situation would devolve so quickly into such meanness.
    I’m glad we have President Trump at the Helm.
    Be charitable when you can. Let us have compassion for our terrified renters and work with them. I do, and have done so for years. It works out in the end as blessings for both of us.
    An old school MAN has stood up and is leading us.
    Come on, Citizens! Lead, Follow or Get Out of the Way.

  • This is not a defense of Ilhan Omar, or of politicians packing COVID relief bills with ideological bullshit –
    However, since evictions and process serving and cops clearing out squatters requires multiple contacts with various people and quite busy court rooms, all of which exposes a whole unpredictable (and often emotional) bunch of people to each other, this may just end up being a way to put all that off till the health risks lessen. I don’t think the virus will go away for a long time, but many others still do.
    So if you believe in Bill Gates and The Vaccine and that it will appear soon and work well, you’d want to have all the evictions and court dates put off till it does. You’d also think maximized homelessness would result in a significant rise in deaths. I suspect that’s the line of thinking, flawed though it seems to be.
    I live in a sea of converted rental housing. 65% of my city, something like that, is rentals. Most owned by a few mega-landlords who started small decades ago and now own properties in surrounding counties as well as here. These are not REITs and hedge funds, but are real people, I can name names and have seen quite a number of them. They seem to think of themselves as still Mom and Pops but really only if Mom and Pop are Jock and Ellie Ewing.
    They can eat cake for quite a long while. No worries.
    I think the true Mom and Pops -which are very few these days- should not have gotten in to the subsidized housing game, big mistake. And if they did, they sure should not make their daily bread off welfare people for years and then, when the sea gets rough, complain that the government gravy boat is rocking around a bit. Landlords who participate in subsidized housing were already engaging in socialism.
    Socialism sometimes bites back. Mom and Pop can think that over for a few months.

    We own a modest house, pinch pennies, and pay taxes. The taxes go to the subsidized housing landlords who rent to creeps in this same neighborhood who have on occasion made my life miserable. Cry me a damn river.

  • I don’t think its going to pass the Senate. The House is telling the American people their wish list for 2020 in the hopes of getting enough people out to vote to flip the Senate. I think their chances of keeping the House are poor to fair and flipping the Senate poor to fair.

    Whether Americans like free stuff or not isn’t really the issue. With this whole covid-19 thing, Americans got a taste of tyranny at the state and local level. Trump’s efforts to reopen the economy will work in states that matter and by Election Day, maybe it’ll be 70-80% of what it was in early March. But because he left the reopening to the states, there will be uneven recovery with the people who want this wish list live in states that don’t matter. Because the Electoral College still matters, Trump only has to win 6-8 states in addition to those that always vote Republican. That is why his economic plan doesn’t help states like California or New York. No matter what he does, those states won’t vote for him.

  • Congrats-the government will have just created a massive housing shortage. Because anyone that can manage to get out of the landlord business, will. Looking at the list of restrictions on tenants behavior there is no effing way I would rent to anyone. It would be cheaper to sell the property at a loss than develop an ulcer or a stroke dealing with a**holes for tenents for any length of time.

  • Sounds like the bill should be called “we hate small real estate investors act” regardless, since this act is clearly unconstitutional it need not be paid attention to and it’s actually illegal to enforce, not that would stop the collectivists from doing just that. It’s cute that someone in congress thinks that real estate owners have no costs associated with their properties., almost like these people have nary a clue. I’m sure it’s just a bunch of rich, old white guys who have piles of cash lying around who deserve to be stolen from because.

  • You Need More Than Food to Survive

    In the event of a long-term disaster, there are non-food essentials that can be vital to your survival and well-being. Make certain you have these 50 non-food stockpile essentials. Sign up for your FREE report and get prepared.

    We respect your privacy.
    Malcare WordPress Security