Nearly a third of apartment renters didn’t pay any of their April rent during the month’s first week, according to new data providing the first hard look at how many Americans are struggling to make rent during the coronavirus pandemic.
When the empty places can't be rented, they will be sold instead to owner occupants. When they can't evict the tenants, same thing.
Market must clear. Most "landlords" own nothing anyway, just debt collectors for banks and tax authorities, besides property managers.
The money to do what? If "owned" generally means "occupied, there wont be anywhere for me to live if everywhere is owned. I can stay as a guest or household share resident, but that's outside of the traditional "landlord tenant relationship".
> The money to do what?
To buy an apartment in NYC.
>I can stay as a guest or household share resident
Consider the fact that most people would not want a friend moving in with them for an extended period of time, nor do people have necessarily have friends in cities they are moving to.
People live together all the time, especially in NYC. I didn't say "friend" I said "household share resident" or "guest". The question was rhetorical: If "owned" generally means "occupied", there wont be anywhere for me to live if everywhere is *owned*. That's the way it always works, "first come first served". How do I live in NYC without enough money to bid rent? I can't. Everybody cannot live in NYC. I need to come up with the bidding power to secure my place.
> People live together all the time,
Yes, because they choose to at the outset given the flexibility of renting at 6 month per year intervals without any longterm commitment or mortgage like down payment.. The main problem is that you basically lock people into wherever they are living. Right now, I can pick up and move to NY for a job or bc I like the culture and I can afford to do that because renting is much much cheaper than buying. Take that away and you'll have extremely limited social and economic mobility.
How does living together change any of that? Anyone is free to walk out the door at will. Without rent OR mortgages, everywhere will become much cheaper anyway. People will find new forms and standard to "relate" with each other in a different environment, probably on a long term "AirBnB" model.
You might have to pay more upfront to secure the balance of power, without going so far as to buy in completely. Your own personal credit will likely purchase the place as a mortgage does, plus deposit; then release the surety bond once possession is returned. Its like a "buy back" agreement. Who knows? We'll see.
I'm sure the demand for flexibility will find a way to accommodation, if it is in such a great demand. We can't predict that future but it is emerging as we speak because like it or not, rent and mortgages are shutting down now forever.
Additionally, we are speaking in very general terms. Anyone can "let" you stay in their property without losing it forever, but the law as it stands makes a 3 year bar to "eviction" claims. Did you know that? A lot of this is just layers of ideology and false expectations about what the term "property rights" means. Right now the balance of power is contrary to nature basically, therefore unsustainable as we are seeing now.
At common law all "leases" run year to year, no rent, 90 days notice to quit. "Rent" is a separate contract issue related to the *mesne profits*, the fruits of the land; but mere possession is just an even exchange.
I guess 30-70% of the world is just too dumb for you smart guy
You have no idea what "court records" are nor what they mean. Nor do you understand how the information is captured. Hint: its not just "out there".
An eviction is an cartoon idea that you internalize in the mind and looks like town legos stop motion on youtube.
Data mining has some capacity to 'scrape' public records when they are electronic and we also have a great deal of capacity to 'opt out' online easy as pie.
Anyone is free to make whatever interpretation they like about "court records", including to misinterpret them.
Evictions are not debts and a lease is not a contract, it is an estate in the land. Any name gets labeled into the boilerplate one page form at a local court, its not a personal accusation, just a *dolus* to contrive a respondent on the form. Any "eviction defendant" is the same as "John Doe and All Occupants 1-10".
It's a fictional defendant in an action for possession. The "rent" is just a function of the process which makes a judgment out of bits and pieces of a lease claim and it only runs against the lease itself: to set off security deposits amd counterclaims, establish a supersedeas bond and especially, for the distraint of tenant property on the premises under the lease.
The last part is only relevant with commercial tenants that might keep fixtures and inventory around.
So mostly, this whole "ideology" about "rent" and "landlords" is an unstructured mental fantasy by the many headed who dont know what the fuck they're even looking at.
It will reach 70% in the next 6 months is beyond the capacity of any court system. And it must include mortgage payments which are just rent by another name... maybe 90% in fact, including all the commercial tenants. It always amazes how the infantile assume that "renters" are "damn hippy/millennial/communist/whatever" when every. single. commercial. tenant is going belly up and the first they all do is blow off the rent no question. The entire world of "rent" will disappear with or without "strikes".
Right.. Because only in my mind has a piece of property ever been rented/leased to more than one person/organization. Tell me you have never seen a store move/close and a different one move in or open up??
5 years is the norm. So stop paying now. You will have plenty of opportunities to pay later, perhaps at a discount even, before they can sell the lien on your house. It is easy and fun to game the system.
A fifth normally don’t pay so this is only about a 10 point difference. And with the way the weekend lined up, the stay at home orders making it harder to deliver checks, and the late fee waiver it’s likely much of that isn’t about ability to pay.
Significant but not nearly as significant as click bait title suggests.