NYC renters owe landlords owe more then $1 Billion in unpaid rent

[squatz1]

Article out of the WSJ - https://www.wsj.com/articles/new-york-city-renters-owe-more-than-1-billion-in-unpaid-rent-survey-finds-11610622000

Pretty astounding figure to think about, though it makes sense given the amount of people in NYC that aren’t able to work due to restrictions placed around ensuring that the spread of COVID is lessened. Shows that even though there is tons of money coming from Fed unemploymnet, stimulus payments, and so on and so forth — it’s not enough to get people to handle everything and pay their rent.

Officials from the city are seeking another $1-2B to handle rental assistance for all of these people. Curious on what people think about all of this

[Vod]

Article out of the WSJ - https://www.wsj.com/articles/new-york-city-renters-owe-more-than-1-billion-in-unpaid-rent-survey-finds-11610622000

Pretty astounding figure to think about, though it makes sense given the amount of people in NYC that aren’t able to work due to restrictions placed around ensuring that the spread of COVID is lessened. Shows that even though there is tons of money coming from Fed unemploymnet, stimulus payments, and so on and so forth — it’s not enough to get people to handle everything and pay their rent.

Officials from the city are seeking another $1-2B to handle rental assistance for all of these people. Curious on what people think about all of this

The stimulus payments don't stimulate anything - most people probably use it to pay debts.  The government should instead be taking that money and building things - putting people to work.

$2 billion just for NYC?   Wow.  Short of running a ponzi for Chinese people and using the scam to bail out US landlords, what can be done?   Forgive the rent?  Landlords lose.   Forgive the mortgage?  Banks lose.  

Meanwhile, Powerball is at $620,000.000.  Not sure what can be done here.  :/

[Gyfts]

That number is shocking...wow.

NY has one hell of an unemployment rate too. Might be one of the largest in the country, all a result of the lockdowns. And iirc, Cuomo was floating the idea of even more stringent lockdowns.

The world is nearly a year into this thing. There is no excuse to not fully reopen the economy without the stringent regulations on businesses.

[franky1]

average NYC rent is $3k.. lets call it $1k for the poorer third

lets say there is 3 months per person in debt..
that $1b ends up only being 330k people in debt

NYC population is 8.4mill is only 3% of people in landlord debt

april last year they were worried that 40% of people would be in landlord debt
same maths
40% of 8.4m =3.36mill pop
1 month debt would be 3.36bill
3 month debt would have been 10bill

so it seems to me numbers in debt now compared to predictions last year seem good
yea 1bill sounds like a lot but at a lowball $1k a month rent. and the number of people involved. its not really that much

..
but to anyone living anywhere. if you are 3months in debt or more. sort it soon. just because some courts are not processing evictions does not mean they wont. and if you still have 3 months of debt when the courts start up again. you will be at the top of the list. so sort it. even if its asking for a prolonged repayment plan. sort it

[squatz1]

Article out of the WSJ - https://www.wsj.com/articles/new-york-city-renters-owe-more-than-1-billion-in-unpaid-rent-survey-finds-11610622000

Pretty astounding figure to think about, though it makes sense given the amount of people in NYC that aren’t able to work due to restrictions placed around ensuring that the spread of COVID is lessened. Shows that even though there is tons of money coming from Fed unemploymnet, stimulus payments, and so on and so forth — it’s not enough to get people to handle everything and pay their rent.

Officials from the city are seeking another $1-2B to handle rental assistance for all of these people. Curious on what people think about all of this

The stimulus payments don't stimulate anything - most people probably use it to pay debts.  The government should instead be taking that money and building things - putting people to work.

$2 billion just for NYC?   Wow.  Short of running a ponzi for Chinese people and using the scam to bail out US landlords, what can be done?   Forgive the rent?  Landlords lose.   Forgive the mortgage?  Banks lose.  

Meanwhile, Powerball is at $620,000.000.  Not sure what can be done here.  :/

The overall goal for stimulus money is to stimulate the economy, though how good it works is totally something that is up for discussion. I’d say a good amount of stimulus money went straight to debts, investing, and other things that don’t have much velocity of money.

Yeah there’s really no good way to fix this rental assistance market - Best bet is probably a program to just straight up pay the landlords — though there has already been some money allocated to states for this through some sort of federal rental assistance program.

[DaveF]

In addition to the numbers franky1 posted, how many people are not paying because they don't have to?
No evictions, no penalties, etc. So you stick the money into a savings account and then sit on it making some interest till you have to pay.
And if something else bad does happen, then you have the money in the bank. Because you know the landlord isn't going to give it back.

-Dave

[Lorence.xD]

In addition to the numbers franky1 posted, how many people are not paying because they don't have to?
No evictions, no penalties, etc. So you stick the money into a savings account and then sit on it making some interest till you have to pay.
And if something else bad does happen, then you have the money in the bank. Because you know the landlord isn't going to give it back.
-Dave

That is easy to say on paper but when it comes to reality, I think it will be different, think about the landlord's perspective, they need the rent paid because some of them are only relying on the rent as a source of income. The real problem is that the real estate bubble in USA is so big but any way to pop it does not seem to work because greedy real estate capitalist are benefiting from this crisis that might replicate the same crisis back in 2008, if the prices of land is lowered then the prices of rent will also lower but that seems impossible so we have to look for another solution and the best one is to increase the minimum wage with lower hours for labor but that is also impossible because lobbying is a business in USA. One thing is for sure though, the poor people in USA will be the one that will get hit the most and the middle class will replace those poor people sooner than ever.

[Vod]

There is no excuse to not fully reopen the economy without the stringent regulations on businesses.

I think this is a pretty good excuse.

[DaveF]

In addition to the numbers franky1 posted, how many people are not paying because they don't have to?
No evictions, no penalties, etc. So you stick the money into a savings account and then sit on it making some interest till you have to pay.
And if something else bad does happen, then you have the money in the bank. Because you know the landlord isn't going to give it back.
-Dave

That is easy to say on paper but when it comes to reality, I think it will be different, think about the landlord's perspective, they need the rent paid because some of them are only relying on the rent as a source of income. The real problem is that the real estate bubble in USA is so big but any way to pop it does not seem to work because greedy real estate capitalist are benefiting from this crisis that might replicate the same crisis back in 2008, if the prices of land is lowered then the prices of rent will also lower but that seems impossible so we have to look for another solution and the best one is to increase the minimum wage with lower hours for labor but that is also impossible because lobbying is a business in USA. One thing is for sure though, the poor people in USA will be the one that will get hit the most and the middle class will replace those poor people sooner than ever.

Depends, remember the landlords get to kick most of their bills down the road too.
Mortgage, gas, electric and other collections have all been suspended in NYC. So if you are a one person one or 2 property place then you might be hurting a little if you did no financial planning and did not have a savings long enough to ride this out. I'm not talking some random person here. I'm talking someone who had enough cash and or credit to buy a place or 2 in NYC. So not poor, not by a long shot. This is NYC, it's kill or be killed in business. If you can't stand the heat stay out of the kitchen, whatever pick you metaphor. If you bought a place and did not plan on not being able to collect rent for a while while having to carry a property or 2 you are not a shark you are chum.

If it's a company that owns buildings and such. They can also get PPP and other loans to keep going and they also are not required to pay they mortgages, etc.

There are a lot of things going wrong financially in a lot of places at them moment, not going to deny that at all. But a Billion or 2 in unpaid rent in NYC is not one of them.

-Dave

[franky1]

That is easy to say on paper but when it comes to reality, I think it will be different, think about the landlord's perspective, they need the rent paid because some of them are only relying on the rent as a source of income.

Depends, remember the landlords get to kick most of their bills down the road too.
Mortgage, gas, electric and other collections have all been suspended in NYC. So if you are a one person one or 2 property place then you might be hurting a little if you did no financial planning and did not have a savings long enough to ride this out.

since 2008 the amount of normal people suddenly jumping into the 'buy to rent/lease' schemes skyrocketed.
in many cases landlords are normal people that mortgaged like 4 locations where they charged the renter $1k and $600 paid the mortgage. meaning on 4 locations the landlord would get $1200(4x400) for his own lifestyle spending

though he can have a mortgage break if a tenant is not paying the rent. the landlord is not getting their $1200 income(profit).

[DaveF]

since 2008 the amount of normal people suddenly jumping into the 'buy to rent/lease' schemes skyrocketed.
in many cases landlords are normal people that mortgaged like 4 locations where they charged the renter $1k and $600 paid the mortgage. meaning on 4 locations the landlord would get $1200(4x400) for his own lifestyle spending

though he can have a mortgage break if a tenant is not paying the rent. the landlord is not getting their $1200 income(profit).

Tap...tap....tap....I keep tapping on the sympathy gauge but it's stuck on zero for people who are stuck in that situation.

Look an article about more idiots:
https://www.wsj.com/articles/a-bargain-with-the-devilbill-comes-due-for-overextended-airbnb-hosts-11588083336?st=603wddrbab5cq2i&mod=ffgua

Don't start a business without an exit plan, don't invest more then can can afford to loose, etc.
Want to invest in property fine, be prepared to be wiped out at any given time.

-Dave

[squatz1]

In addition to the numbers franky1 posted, how many people are not paying because they don't have to?
No evictions, no penalties, etc. So you stick the money into a savings account and then sit on it making some interest till you have to pay.
And if something else bad does happen, then you have the money in the bank. Because you know the landlord isn't going to give it back.

-Dave

Pretty fair reason for some people to not pay, though I’d think that your own morals would get in the way for some people to not pay their landlord, especially if the landlord is a regular person just like you who just owns another piece of property as a supplement of their income (or if they’re retired or something along those lines)

It’d be a lot easier to ignore a big management company with hundreds of apartments and tell them to pound sand. But not as easy to ignore the retired guy who you know relies on this money.

Guess we’ll see what the solution is for all of this.

[franky1]

It’d be a lot easier to ignore a big management company with hundreds of apartments and tell them to pound sand. But not as easy to ignore the retired guy who you know relies on this money.

morally yes.. but practically..no
legally the management companies have policies and processes in place to find many ways to get rid of tenants or atleast file claims to get direct payments from benefits/employer.
where as a single private landlord would have more costs involved to start filing claims against a tenant and a lengthier process.

this is why organisational renting actually do evict people in normal times within 3 months. yet single landlords usually try to file claims after the 5-9th month.

organised landlords have processes and are not sympathetic to circumstances. but single landlordsa become more sympathetic and give the benefit of doubt to their tenants.

in the UK an local housing association/real estate management company/council would have filed a claim for under £50 to get direct payments from benefits/employer and thus now happily getting rent.
yep UK council house tenants are paying rent direct or indirectly.
but single private landlords are left waiting months where they just wait until the debt becomes too big to foresee it getting paid before they start the claims process for eviction. which is now delayed

[squatz1]

It’d be a lot easier to ignore a big management company with hundreds of apartments and tell them to pound sand. But not as easy to ignore the retired guy who you know relies on this money.

morally yes.. but practically..no
legally the management companies have policies and processes in place to find many ways to get rid of tenants or atleast file claims to get direct payments from benefits/employer.
where as a single private landlord would have more costs involved to start filing claims against a tenant and a lengthier process.

this is why organisational renting actually do evict people in normal times within 3 months. yet single landlords usually try to file claims after the 5-9th month.

organised landlords have processes and are not sympathetic to circumstances. but single landlordsa become more sympathetic and give the benefit of doubt to their tenants.

in the UK an local housing association/real estate management company/council would have filed a claim for under £50 to get direct payments from benefits/employer and thus now happily getting rent.
yep UK council house tenants are paying rent direct or indirectly.
but single private landlords are left waiting months where they just wait until the debt becomes too big to foresee it getting paid before they start the claims process for eviction. which is now delayed

I mean, at least during a pandemic where you don't have to pay your rent and you cant be evicted -- which is currently the case in NYC.

My whole thing was going on the moral angle of things given the pandemic situation. As there are a lot more protections in place now then there would regularly be for people that aren't paying their rent. Totally get all your info though, makes a lot of sense.

[Broly46]

I have no idea who’s going to blame for this. People going rent free and many has no house to return, and there is people who have more loan than they could afford, it’s all unprecedented! Nothing is totally fine here, but just move on, it’s just getting to be the norm tomorrow, everyday there will be more new norms, just COPE with the norm will you.

[squatz1]

I have no idea who’s going to blame for this. People going rent free and many has no house to return, and there is people who have more loan than they could afford, it’s all unprecedented! Nothing is totally fine here, but just move on, it’s just getting to be the norm tomorrow, everyday there will be more new norms, just COPE with the norm will you.

Anyone to blame for this? I’d say the whole global pandemic causing people to not be able to have work.

I don’t think it’s fair to blame renters for not being able to pay. That’s just unfair, they’ve lost their job for something that is so way out of their own control that it’s insane to push them out of housing.

No reason to even blame this on more loans or not being able to afford things, that’s not the reason that people can’t pay right now.

[cryptoboss2020]

World works this way :

When Global problems or government need your help you must help and contribute.

When you as the indvidual person need help to be successful then you are on your own!


Conclusion: mind your own business dont pay taxes make your own life becouse at the end nobody dont Care about you Only your loyal friends and Family If you have them.


Did I said something wrong?  I dont think so!!

[decodx]

Conclusion: mind your own business dont pay taxes make your own life becouse at the end nobody dont Care about you Only your loyal friends and Family If you have them.

I am amazed at the volume of stupidity coming from you. So you would rather live in anarchy?

I see that you're, to some degree, literate, so I suppose you've attended some sort of education. Who do you think paid for it? What about the police and the military, we don't need that either? And what about social care, health care, etc.?

[Broly46]

I have no idea who’s going to blame for this. People going rent free and many has no house to return, and there is people who have more loan than they could afford, it’s all unprecedented! Nothing is totally fine here, but just move on, it’s just getting to be the norm tomorrow, everyday there will be more new norms, just COPE with the norm will you.

Anyone to blame for this? I’d say the whole global pandemic causing people to not be able to have work.

I don’t think it’s fair to blame renters for not being able to pay. That’s just unfair, they’ve lost their job for something that is so way out of their own control that it’s insane to push them out of housing.

No reason to even blame this on more loans or not being able to afford things, that’s not the reason that people can’t pay right now.

Some had already know land is always the most valuable investment one has to make, yet mainstream news are preaching the completely opposite, taking loan after loan, yup that is what they tell people taking more loan would grow the market, when people are huge on debt it’s the market growth, once again they’re Telling Lies, taking more loan and this is what would happening, market growing when people taking more loans??? How can we relate loan and market, they’re complete off the chart.

[cryptoboss2020]

Conclusion: mind your own business dont pay taxes make your own life becouse at the end nobody dont Care about you Only your loyal friends and Family If you have them.

I am amazed at the volume of stupidity coming from you. So you would rather live in anarchy?

I see that you're, to some degree, literate, so I suppose you've attended some sort of education. Who do you think paid for it? What about the police and the military, we don't need that either? And what about social care, health care, etc.?

Well I understood all of this but the Problem exist in wrong world Order.
The fact that everybody want to be successful and be the capitalist its a problem.
The no problem society will be
5 big corporations and others are just working Under those corporations.

The wrong world cousing a lot problems.