![](https://i.imgur.com/CLvY2jA.png")
20-08-2021, 09:31 AM
By MICHAEL CASEY and ANNE D'INNOCENZIO
yesterday
NEW YORK (AP) — When Ryan David bought three rental properties back in 2017, he expected the $1,000-a-month he was pocketing after expenses would be regular sources of income well into his retirement years.
......
But then the pandemic hit and federal and state authorities imposed moratoriums on evictions. The unpaid rent began to mount. Then, just when he thought the worst was over, the Centers for Disease Control and Prevention announced a new moratorium, lasting until Oct. 3.
......
Most evictions for unpaid rent have been halted since the early days of the pandemic and there are now more than 15 million people living in households that owe as much as US$20 billion in back rent
......
Smaller landlords with fewer than four units, who often don’t have the financing of larger property owners, were hit especially hard
......
the US$47 billion in federal rental assistance that was supposed to make landlords whole has been slow to materialize. By July, only US$3 billion of the first tranche of US$25 billion had been distributed.
David points to two tenants who received paychecks throughout the pandemic but didn’t pay rent or bother to file for rental assistance. Others singled out delinquent tenants who they claimed still managed to drive a luxury car, get food deliveries or go on vacation.
“Without rent, we’re out of business, ” said Gary Zaremba, who sold 40 of his properties in Ohio due to the moratorium and still has a quarter of his tenants in the remaining 100 buildings struggling to pay rent. He has helped some apply for rental assistance, he said.
“It’s like a restaurant that doesn’t have patrons,” he said. “I don’t get the rent. I can’t pay my maintenance staff. I have to lay them off. I can’t fix the buildings and keep them in good repair. So, that means they are going to get even worse off. I can’t pay my taxes.”
......
“It makes it worse for everyone. It’s worse for tenants, in particular, because we are going to lose affordable housing,” said Stacey Johnson-Cosby, who with her husband owns 21 units in the Kansas City, Missouri, area.
“The investors are going to come. They are going buy the property, put money into it, renovate it and rent it at a higher amount.”
......
https://apnews.com/article/lifestyle-bus...8c1f0f6f3f
yesterday
NEW YORK (AP) — When Ryan David bought three rental properties back in 2017, he expected the $1,000-a-month he was pocketing after expenses would be regular sources of income well into his retirement years.
......
But then the pandemic hit and federal and state authorities imposed moratoriums on evictions. The unpaid rent began to mount. Then, just when he thought the worst was over, the Centers for Disease Control and Prevention announced a new moratorium, lasting until Oct. 3.
......
Most evictions for unpaid rent have been halted since the early days of the pandemic and there are now more than 15 million people living in households that owe as much as US$20 billion in back rent
......
Smaller landlords with fewer than four units, who often don’t have the financing of larger property owners, were hit especially hard
......
the US$47 billion in federal rental assistance that was supposed to make landlords whole has been slow to materialize. By July, only US$3 billion of the first tranche of US$25 billion had been distributed.
David points to two tenants who received paychecks throughout the pandemic but didn’t pay rent or bother to file for rental assistance. Others singled out delinquent tenants who they claimed still managed to drive a luxury car, get food deliveries or go on vacation.
“Without rent, we’re out of business, ” said Gary Zaremba, who sold 40 of his properties in Ohio due to the moratorium and still has a quarter of his tenants in the remaining 100 buildings struggling to pay rent. He has helped some apply for rental assistance, he said.
“It’s like a restaurant that doesn’t have patrons,” he said. “I don’t get the rent. I can’t pay my maintenance staff. I have to lay them off. I can’t fix the buildings and keep them in good repair. So, that means they are going to get even worse off. I can’t pay my taxes.”
......
“It makes it worse for everyone. It’s worse for tenants, in particular, because we are going to lose affordable housing,” said Stacey Johnson-Cosby, who with her husband owns 21 units in the Kansas City, Missouri, area.
“The investors are going to come. They are going buy the property, put money into it, renovate it and rent it at a higher amount.”
......
https://apnews.com/article/lifestyle-bus...8c1f0f6f3f
