in case you had any illusions about what class and ideology the New York Times aligns with:
Options for Struggling Landlords Whose Tenants Can't Pay the Rent
Options for Struggling Landlords Whose Tenants Can't Pay the Rent
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Options for Struggling Landlords Whose Tenants Can’t Pay the Rent
- Thread starter Gwenpoolshark
- Start date
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You know, forgetting all the deeper issues of class, etc.
It's an investment, and fucking investments fucking fail.
These motherfuckers who would slit their throats over a real social safety net for people who had a string of bad luck and find themselves without a job, without a home, unable to feed their kids...who love 'personal responsibility'...these are the motherfuckers whining.
I remember when too big to fail was just the banks.
Take your fucking L, get out of real estate, 'learn to code' or whatever.
Your investment is tied to motherfuckers being able to pay you for a place to live, economy crashes and you think it shouldn't affect you? Fuck outta here. It's the stench of hypocrisy that gets to me. You chose the wrong industry at the wrong time, get fucked like anyone else
It's an investment, and fucking investments fucking fail.
These motherfuckers who would slit their throats over a real social safety net for people who had a string of bad luck and find themselves without a job, without a home, unable to feed their kids...who love 'personal responsibility'...these are the motherfuckers whining.
I remember when too big to fail was just the banks.
Take your fucking L, get out of real estate, 'learn to code' or whatever.
Your investment is tied to motherfuckers being able to pay you for a place to live, economy crashes and you think it shouldn't affect you? Fuck outta here. It's the stench of hypocrisy that gets to me. You chose the wrong industry at the wrong time, get fucked like anyone else
It's a very naïve assumption to think that it's only the super wealthy that are the people out there owning multiple properties and being impacted by the lack of rent coming in. I used to write mortgages, so obviously this is all anecdotal, but I'd guess that at least half the people I used to qualify who had rental income were still only barely getting by with it. These aren't people who just go out and buy ten houses because they hit the lotto. A lot of times it's people who inherit their parents' home after they pass and decide to rent it out for some extra cash, or have their "starter home" and then get married and have kids and rather than sell their first home they just rent it out so they can eventually pay off that mortgage.
There are a lot of these people that are leveraged to the eyeballs on these mortgages and all of their tenants just got a free pass on paying the mortgage. Obviously they shouldn't have allowed themselves to get over-leveraged to begin with, but that doesn't make their situations any better or any less deserving of getting assistance. These are people that are now feeling the impact of COVID economy just as much as anyone else in the service sector. (And obviously I'm also not referring to these massive real estate investment companies.)
The result of this all, too, is that these tenants aren't going to be able to pay their back rent so you're going to have a glut of people evicted from their homes by landlords who were forced to keep them in without having any assistance given to their own financial situations to begin with. This whole thing is a downward spiral that didn't need to happen if we just had some sort of leadership in Washington who could have been proactive with these issues as opposed to waiting until now and having it all be reactive.
Here. :)
There are a lot of these people that are leveraged to the eyeballs on these mortgages and all of their tenants just got a free pass on paying the mortgage. Obviously they shouldn't have allowed themselves to get over-leveraged to begin with, but that doesn't make their situations any better or any less deserving of getting assistance. These are people that are now feeling the impact of COVID economy just as much as anyone else in the service sector. (And obviously I'm also not referring to these massive real estate investment companies.)
The result of this all, too, is that these tenants aren't going to be able to pay their back rent so you're going to have a glut of people evicted from their homes by landlords who were forced to keep them in without having any assistance given to their own financial situations to begin with. This whole thing is a downward spiral that didn't need to happen if we just had some sort of leadership in Washington who could have been proactive with these issues as opposed to waiting until now and having it all be reactive.
Here. :)
Fuck NYT and fuck landlords.
Investments carry risk you scummy motherfuckers, these pieces of shit chose to make their livelihood dependent on the income of someone much poorer than them. Try getting an honest job. That should be the first and only NYT suggestion
and btw in a city like NYC "mom and pop" landlords are mostly a fiction
Investments carry risk you scummy motherfuckers, these pieces of shit chose to make their livelihood dependent on the income of someone much poorer than them. Try getting an honest job. That should be the first and only NYT suggestion
and btw in a city like NYC "mom and pop" landlords are mostly a fiction
play stupid games in a broken rental/housing system, win the stupid prizes of a broken rental/housing system. landlords deserve no sympathy.
"We must reward risk taking, I spent money on something without knowing for sure I will make a profit, the greatest risk of all, I must be handsomely rewarded for such amazing risk taking!"
[investment doesn't pan out]
"wtf I thought I was supposed to be making money, this was not part of the deal, someone bail me out"
Pretty much. They want all the benefits of investing with none of the risk. It doesn't and shouldn't work that way, so they can fuck off.
yeah these people are all about cowboy capitalism until they get bit in the ass and then it's the hugest whining in the fucking world for safety nets
My family had to sell our home that we lived in. We rented out the first floor to help pay the rising property taxes and general maintenance. Tenants couldn't pay rent and we were forced to sell the house. Granted we're in a much better situation but not all landlords are money hungry greedy people like you and many others in this thread claim to be.
Makes sense. The banks aren't being less ruthless to landlords. Governments need to just tell banks that for X months the mortgages and whatnot will be waived and will resume (meaning no back pay) after. Money has to to flow it seems.
But it's not just the housing system that's broken. It's the entire economy and model that's broken, so how are these people any more or less worthy of scorn than self-employed businesses losing money due to COVID?
i think the solution is that there is federal-level rent forgiveness for the tenant during the pandemic period and the landlord is the one who has to file a claim with the government for the back rent. ted and karen slumlord can be the ones to wait on the phone for 45 minutes lol
Rental prices are in the toilet, it's insane. You can get a 1br in Union Square for $1500/month right now.
I have ZERO sympathy for the LLs. It also amazes me how many of them would rather evict tenants than try to work with them in some capacity— mostly referring to commercial real estate here. Like, if your current tenant that is struggling to pay their rent leaves...who do you think is going to move in?
I have ZERO sympathy for the LLs. It also amazes me how many of them would rather evict tenants than try to work with them in some capacity— mostly referring to commercial real estate here. Like, if your current tenant that is struggling to pay their rent leaves...who do you think is going to move in?
User Banned (1 Month): Inappropriate juxtaposition, inflammatory rhetoric over multiple posts and multiple histories of past similar behavor
see also: the decent cops argument, which is also as bullshit and duplicitous as this one
Only Restera deals in absolutes. All landlords are evil from their point of view.
There's going to be a lot of middle class who wind up losing their own homes because of this kind of leveraging. I've heard too many "smart" people who buy a two family split home, live in one and rent out the other side.
But this article is pretty tone deaf wanting to get back rent deals and current threats of ruining someone's credit or pay someone to get out so they can rent to someone who can pay.
What an awful comparison. Like, you're equating murders who racially profile and uphold a broken system to usually people who have mortgages to pay and need the rent to help pay that. What is wrong with you?
Really? I've lived all over the country and moved about 20times in my life. The majority of housrs/apartments I rented were privately owned by individuals.
It's naive and totally close minded to think all rentals are from conglomerates and to be hostile towards people who rent. I'm not saying you specifically subpar, but the responses in this thread are getting pretty heated
In the last thread about this topic, someone posted the stat that about half of all rental property wasn't owned by corporate interests but individual landlords. COVID is definitely going to accelerate the shift away from that.
I've posted this before, but I like my current LL. She owns this building with 5 apartments (of various sizes, it's a partitioned house layout) and she works at a coffee shop. The rental income isn't much after she clears expenses, and I'm worried that since she lost her regular job to COVID that she might consider selling the property to a company.
landlords exploit the poor as a general rule and in the big cities are also exploiting broken housing systems where the deck is rigged against poor minority tenants. nice smokescreen attempt tho
OP
OP
Lol I'm the OP and I'll out myself as a landlord in the sense that I have roommates I rent to. I still think this NYT article is absurd and gross and clearly aligns with the concerns of the ruling class over the concerns of working people. Why should my interests matter more than the students I rent to?
I also cancelled their rent during the first 4 months of the pandemic because I could afford to. Their rent is a supplementary income to my academic work and nearly all of it goes back into maintaining the property. Being a landlord is not a job.
No. That's complete bullshit and insulting. Cops killing people vs landlords owning property?
I've seen the shady shit landlords do, from conglomerates to mom and pop's, to get tenets out during a pandemic. From refusing to take rent to kick tenets out to ignoring CDC Declarations to have a sheriff just toss their stuff out on the street. That makes them worthy of scorn to me. I spent my entire holiday break fighting against them. Are there some good landlords? I'm sure there are. That doesn't mean that the housing system isn't broken and landlords aren't a problem.
Even beyond that, it's about their function in society, I had nice landlords before, they still made money out the fact that they (or their parents) had enough money to buy place where they didn't have to live in.
I hate landlords. They're coarse and irritating, and they get everywhere.
I would assume a lot of people on ERA still live with their parents.
i imagine white mediocrity has to do with a lot of land ownership converted into rentals lol. they can't get real jobs so they settle on being a landlord
My parents were renting out the 2nd floor of their two family home to afford their mortgage. Would the argument be that they'd be living beyond their means of the people on the 2nd floor stopped paying?
It's still an investment. There is still risk. Why should they not bear the burden of the investment not panning out.
And the thing is, I do feel for small landlords. Your billion dollar real estate trusts will get a bailout LONG before they will. But it's no different than someone dumping their money in the stock market, sometimes shit doesn't pan out.
It's about half and half for conglomerates and individuals, and probably stacked more toward conglomerates in cities where NIMBY residents repeatedly vote to restrict housing. So I could imagine a person never having one of those options. Me personally, I've actually never rented from a corporation now that I think about it.
I don't quite get the comparison. Buying real estate and renting it out is an investment that could fail-- I agree. Your real estate could lose value. Your costs could exceed your after-expense take home. Your tenants could fail to pay, as is the case here. But at least for now, it seems like eviction moratoriums actually have distorted the market. The investment isn't being allowed to fail and reset, which is a good thing (I don't want to see people evicted). It's continuing and one party-- the landlord-- is carrying all the deadweight loss. I think the solution seems to be to support all people under a certain income level regardless of how they earn their income.