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  #51  
Old 03-20-2020, 03:01 PM
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Are people here seriously arguing simultaneously that:
1) People who can't afford to keep paying the rent if they lose their jobs shouldn't rent an apartment, but
2) People who can't afford to keep paying the mortgage if someone doesn't pay rent to them should still go ahead and buy a property in addition to the one they plan to live in, and
3) We should have more sympathy for the folks in #2 losing money than the folks in #1 who would be out on the street in a pandemic if the folks in #2 had their way, and
4) If we don't, that's class warfare? (Unlike throwing people out into the streets when you don't even have anyone to replace them)?
  #52  
Old 03-20-2020, 03:47 PM
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Originally Posted by Kovitlac View Post
Good for you - I'm glad that YOU feel the financial burden is one you can handle. What's hypocritical is demanding that all others be able to do the same, which is how your post comes across.
This is exactly what I'm saying. Let's pretend like there is no worldwide crisis at the moment. My tenant decides to move out at the end of the lease. For reasons I end up going a month or two without rent before a new tenant starts paying. That is a completely expected situation for a landlord to be in. One that anybody who decides to get into the landlord business needs to expect will happen sometimes. It is a risk that all landlords take.

If a landlord can't survive going a few months without rent, then they need to get out of the business. Sure, unexpected setbacks happen to landlords, too. Maybe today I can absorb the loss, but after two years of economic depression, and losing my own job I can't. At that point I'm looking to sell before I get a lien placed by the HOA, a tax seizure by the city, or a foreclosure from the bank.

Maybe I can pass the financial burden upstream. Perhaps I'm going to get to delay some mortgage payments without penalty. Perhaps the banks will get a trillion dollar bailout package to help them get over the mortgage payments everybody got to delay.

All of these are expected. That's why there was a huge stock market selloff. The longer this pandemic goes on, the greater the economic impact. Unfortunately, the pandemic can't be ended just because it is bad for the bottom line.
  #53  
Old 03-20-2020, 03:48 PM
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The government just stepped in and is pushing for a policy that will give up to 12 months of suspended or reduced mortgage payments. Right now its just for Fannie and Freddie by they expect the entire industry to adopt them.

The money won't just disappear, I guess it gets rolled into your existing mortgage and you end up paying back the money you own down the line.

https://www.npr.org/2020/03/19/81834...mortgage-break
I'm getting a few calls from people (as if I know the details of what has largely been announced verbally) that they are being told by their lenders that this federal policy only applies to those who hold mortgages on their primary residence.

So if your renter has lost his or her job because of the financial crisis, and you were using that rent to pay your mortgage, then you don't get relief. That makes little sense. Instead of the landlord evicting the tenants, it will be the banks after they foreclose on the property.
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Old 03-20-2020, 03:51 PM
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This is exactly what I'm saying. Let's pretend like there is no worldwide crisis at the moment. My tenant decides to move out at the end of the lease. For reasons I end up going a month or two without rent before a new tenant starts paying. That is a completely expected situation for a landlord to be in. One that anybody who decides to get into the landlord business needs to expect will happen sometimes. It is a risk that all landlords take.

If a landlord can't survive going a few months without rent, then they need to get out of the business. Sure, unexpected setbacks happen to landlords, too. Maybe today I can absorb the loss, but after two years of economic depression, and losing my own job I can't. At that point I'm looking to sell before I get a lien placed by the HOA, a tax seizure by the city, or a foreclosure from the bank.

Maybe I can pass the financial burden upstream. Perhaps I'm going to get to delay some mortgage payments without penalty. Perhaps the banks will get a trillion dollar bailout package to help them get over the mortgage payments everybody got to delay.

All of these are expected. That's why there was a huge stock market selloff. The longer this pandemic goes on, the greater the economic impact. Unfortunately, the pandemic can't be ended just because it is bad for the bottom line.
It is also expected by tenants that if they are late on the rent, they will be out on their ass pretty quickly. So again, why is it only the landlords that need to be financially responsible, but not tenants?

Further, I dispute that landlords price a couple of months of unoccupancy per year. If a lease is almost up, they look for new tenants immediately. Landlords take a hit when property is vacant.
  #55  
Old 03-20-2020, 04:06 PM
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Can someone show me where anyone is talking about free rent? I'm just seeing a ban on evictions - which is not quite the same thing.
Governor Cuomo, on this very issue, asked where landlords who evicted someone were going to find new tenants. He also mentioned that rental agents could no longer run around showing apartments. I'd think any intelligent landlord would want to keep tenants in, even if they only get a fraction of the rent for the moment.
Small landlords I feel for. There should be mortgage relief for them also. Slumlords like Jared Kushner, not so much.
Unemployment application sites are crashing from too much traffic, so let's not pretend that the problem here is people wanting luxuries over rent payments. That's insensitive crap.
  #56  
Old 03-20-2020, 04:10 PM
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Can the OP explain to me how a ban on evictions in New York will bankrupt every major landlord in the country?
People live west of the Hudson river?
  #57  
Old 03-20-2020, 04:11 PM
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You're one of the few good ones. My experience in dealing with most landlords has not been favorable: greedy, unwilling to make repairs, usurious, cruel and uncaring. Until recently, Portland has had a no-notice eviction law in place that allowed people to be put out on the street with zero warning, regardless of whether or not they were good tenants. Guess who lobbied for that?
It's not about good ones or bad ones. That is an amazing act by engineer_comp_geek, but most landlords simply can't afford to go without that income.
  #58  
Old 03-20-2020, 05:51 PM
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EDIT: Wrong thread.

Last edited by str8cashhomie; 03-20-2020 at 05:53 PM.
  #59  
Old 03-20-2020, 06:06 PM
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Originally Posted by UltraVires View Post
It is also expected by tenants that if they are late on the rent, they will be out on their ass pretty quickly. So again, why is it only the landlords that need to be financially responsible, but not tenants?
In normal times, sure. These are not normal times. That's the whole point of this discussion. It's hard to call somebody financially irresponsible because their job disappeared due to a global pandemic. Let's say instead of my tenant getting to live free, he says he's moving back to the coast to stay with his parents? I'm still not getting paid, but nobody is getting a free lunch. I'm left financially responsible, because I'm the one who took the risk by owning rental property.
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Further, I dispute that landlords price a couple of months of unoccupancy per year. If a lease is almost up, they look for new tenants immediately. Landlords take a hit when property is vacant.
Big, big difference between pricing in a few months without rent every year versus planning that it may occasionally happen. As I said reasons. Here are a few completely mundane reasons that it might occur: A place needs new paint, carpet, cleaning, or other maintenance between tenants, so is empty for a time while that is done; the market is soft, so it takes longer than desirable to find a new tenant; the market is cyclical, such as tied to a university, and the vacancy is out of cycle, so difficult to fill; an otherwise desirable tenant can't move in immediately, so the place sits empty for a bit; space aliens invade and enslave anybody who doesn't own property.
  #60  
Old 03-20-2020, 06:13 PM
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It's not about good ones or bad ones. That is an amazing act by engineer_comp_geek, but most landlords simply can't afford to go without that income.
In this case the landlords might not have any choice, whether they can afford it or not. The tenants didn't have any choice about losing their jobs. They don't have any choice about not having money to pay rent. The government (here in Colorado, and other places) is suspending all eviction proceedings. This is not a situation I want, but is the situation I have.

As I said before, not rhetorically, what are my options as a landlord? Everybody who is offended by the prospect of some people going rent free, please let me know what else I can do.
  #61  
Old 03-20-2020, 06:47 PM
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Here in Canada there are similar concerns about both the landlord and the tenant. The situation was partially alleviated by federal legislation that allows anyone with a mortgage, whether a landlord or individual homeowner, to defer mortgage payments for up to six months. Not sure of all the details but I presume that the term of your mortgage would be correspondingly extended by six months. At the provincial level, no-eviction laws have similarly been passed. Besides being sensibly compassionate, it's also important because the last thing we need is homeless shelters being packed to the rafters and becoming a major source of COVID-19 spread.

At the same time the feds have considerably loosened the rules on EI (unemployment insurance) payments so that far more people now qualify.
Well, well, it looks like it's one thing for the feds to allow six-month mortgage deferrals, but quite another thing for the oligopoly of the Big Five banks to actually do it.
  #62  
Old 03-20-2020, 07:25 PM
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You do realize that there's a worldwide pandemic causing severe and sudden unemployment, right? And that we are discussing tenancies in that context, right? I mean, this is an entire forum dedicated to the coronavirus that you are posting in.
Welcome to America. We can't provide any sort of help to sober, hard-working, deserving poor if there's even the slightest chance that a no-good layabout might benefit from it as well. Once you see the pattern, it applies to damn near everything wrong with this country.
  #63  
Old 03-21-2020, 05:08 AM
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Further, I dispute that landlords price a couple of months of unoccupancy per year. If a lease is almost up, they look for new tenants immediately. Landlords take a hit when property is vacant.
Have you been a landlord, or looked into it? There's not a book or guru that doesn't tell you to budget for some empty units.
  #64  
Old 03-21-2020, 05:37 AM
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Well, well, it looks like it's one thing for the feds to allow six-month mortgage deferrals, but quite another thing for the oligopoly of the Big Five banks to actually do it.
God forbid that we should require anything of them, even though we saved their asses in the last crash.

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Welcome to America. We can't provide any sort of help to sober, hard-working, deserving poor if there's even the slightest chance that a no-good layabout might benefit from it as well. Once you see the pattern, it applies to damn near everything wrong with this country.
All too true, unfortunately.

Unless the no-good layabout is a big corporation. That's different.
  #65  
Old 03-21-2020, 05:38 AM
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When I lived in a 100-unit complex, I used to turn the numbers over in my head. If the owner offered to give me the building, I wouldn't have taken. I couldn't see any way he could make any money, even in normal times.
  #66  
Old 03-21-2020, 11:16 AM
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As mentioned, unoccupied units deteriorate and are targets for squatters and druggies. Visit neighborhoods of abandoned houses to see the consequences.

X100


unoccupied units often require much more attention be paid to them and easily as much maintenance.
  #67  
Old 03-21-2020, 12:09 PM
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This is why if my uncle could get 75% of the rent, and a promise to eventually pay the rest, he was happy. It was actually cheaper than eviction procedures would have been. He was a landlord in Chicago in the 80s. I really have no idea what the housing situations was, other than, like any bid city, it was probably mostly NOT a tenant's market, and I have no idea what the laws were regarding tenants' rights regarding squatting, eviction, and so forth.

One note-- I don't think he really just accepted an oral promise to pay the balance. I think he made them sign something that said he was NOT accepting it as payment in full, just a good-faith attempt to pay the debt, and the balance was still due.

He did evict people for breaking rules, though, like having pets they didn't tell him about-- he wanted documentation on all pets, because he required proof that all of them had had their vaccinations, and he had a limit on the total weight of all dogs, and the number of cats. IIRC, you couldn't have more than 100lbs of dog, whether it was one Malamute, a smallish Lab and a Beagle, or two Chihuahua and a Basset Hound. You could have three cat, or two cats and one dog. I think he charged a lot in pet rent too. But back them, he was one of few landlords who even allowed pets.

He also had a "No Smoking" in the buildings. He wasn't progressive. He didn't want fires. He got some kind of discount on his insurance with this policy.

He loved to sit and go over documents and leases. He would sit me down and explain them to me. I was a teenager.

I've always wondered if he wasn't on the very edge of the autism spectrum. I mentioned it to my mother once, and you'd have though she was hearing bells. After that, she was telling people he was "slightly autistic." She had self-diagnosed OCD of which she was oddly proud, so whatever.
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  #68  
Old 03-21-2020, 02:10 PM
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In normal times, sure. These are not normal times. That's the whole point of this discussion. It's hard to call somebody financially irresponsible because their job disappeared due to a global pandemic. Let's say instead of my tenant getting to live free, he says he's moving back to the coast to stay with his parents? I'm still not getting paid, but nobody is getting a free lunch. I'm left financially responsible, because I'm the one who took the risk by owning rental property.

Big, big difference between pricing in a few months without rent every year versus planning that it may occasionally happen. As I said reasons. Here are a few completely mundane reasons that it might occur: A place needs new paint, carpet, cleaning, or other maintenance between tenants, so is empty for a time while that is done; the market is soft, so it takes longer than desirable to find a new tenant; the market is cyclical, such as tied to a university, and the vacancy is out of cycle, so difficult to fill; an otherwise desirable tenant can't move in immediately, so the place sits empty for a bit; space aliens invade and enslave anybody who doesn't own property.
I think we are talking past each other. Nobody, landlord or tenant, anticipated a pandemic. Everyone, landlord or tenant, took risks by renting.

The landlord took risks that a property might be vacant or that a renter might not pay, but the landlord had the eviction courts to move that tenant out and get a paying tenant in.

The tenant took the risk that a job loss could get them thrown out of their home on very short notice.

So what do you do when the unexpected happens? "No eviction" rules allocate all of the harm to the unexpected situation to the landlord. In this thread, we keep going back and forth: you highlight the risks that the landlord took, I highlight the risks that the tenant took, and you respond that this was unexpected and not part of the risk the tenant took. It's was unexpected for the landlord as well.

It should not all be allocated to the landlord, which it currently is.

Further, to some others. I don't dispute that especially in these times, it is desirable both from a moral and from a business perspective to take 50% or 75% instead of evicting and probably having the property vacant and getting 0%. But if you announce a "no eviction" rule, why would the tenant pay anything? The tenant can call you on the phone and tell you and your whole family to go get fucked and taunt you with a check for $0 and there is nothing you can do.

Also, repairs. If the central heat goes out, what happens when the landlord says, "Sorry pal, you are behind on the rent so I don't have to make repairs"? Who pays for that when the landlord is out of money?
  #69  
Old 03-21-2020, 02:29 PM
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It's not a free ride for tenants either. When the suspension of evictions is over, they will still be out on the street and with a big black mark on their credit report. (I think there are also agencies that specifically track bad tenants, and being on such lists will make it hard to get another rental.)
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Old 03-21-2020, 02:34 PM
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But if you announce a "no eviction" rule, why would the tenant pay anything? The tenant can call you on the phone and tell you and your whole family to go get fucked and taunt you with a check for $0 and there is nothing you can do.
Listening to you, one might conclude that tenants are permanently immune from eviction. Seems to me that a tenant can still be evicted after the state of emergency is over. Am I wrong?
  #71  
Old 03-21-2020, 02:47 PM
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The tenant took the risk that a job loss could get them thrown out of their home on very short notice.
What a laughable assertion.

Tenants take the risk that their landlord will enter their home and steal their stuff.

Tenants take the risk that their landlord did not re-key the locks and a previous tenant or associate will enter their home and steal their stuff.

Tenants take the risk that the landlord will actually do necessary maintenance.

Tenants take the risk that their landlord will sell the place ad they'll be kicked out by the new owner.

Tenants are not taking the risk that they'll lose their job and be kicked out; they are removing the risks associated with being homeless.

Landlors, on the other hand, charge more than they are paying for the mortgage so that they build equity on someone else's money.

Landlords normally hold all the power in the relationship; tenants have little or none.
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Old 03-21-2020, 02:55 PM
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Or they will have to pay what they owe. It's an interest free loan, not a free place to live. Banks can borrow money for free right now, so this seems fair.
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Old 03-21-2020, 06:35 PM
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We jjust had the guy who was going to buy our property in Connecticut tell us that he was not going to be able to buy it after all - he is a lone electrician running his own business, and his jobs just dried up. mrAru and I discussed the issue, and we are going to let him rent it from us at a seriously cheap rent so it will not be standing empty [people local had been breaking in to steak copper and fixtures] We own both the CT place, and my family home here in western NY outright, all we need to pay is taxes and utilities, so we are doing OK ... the land in Nevada I bought last summer only has taxes. Right now we have the money to cover everything for about a year or so ... but if we had a mortgage on one or both properties, we would be fucked ...

All we want to do is take a year to flip this house, and put something up on the new property and move west ... I want some sunshine, dammit!
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  #74  
Old 03-23-2020, 02:24 PM
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I do understand that landlords have debts to service and that they still have overhead costs (maintenance, debt, and insurance among others). A friend suggested a 3-3-3 split. Tenant pays a third, landlord eats a third, banks eat a third. Also he meant deferred rent not freebies. Tenant is still ultimately responsible for it, just maybe not by April 1. State of CA is recommending eviction moratoriums enacted by local counties and municipalities.

I'd support eviction protections for both residential and even small businesses. Vacant storefronts and empty rentals, empty homes, thousands of street people during a pandemic, just won't do anyone any good. All that "wealth" will just evaporate into thin air. But, large conglomerates and big banks don't necessarily think that way. And if the property owners themselves are overseas (conglomerates, real estate investment trusts, or foreign investors), they probably couldn't care less about kicking everyone out. They do all that through property management companies, also non-local, who also aren't known for compassion or even common sense.

My own building is a hybrid. Live/work, industrial, legal residences in same building with what is now commercial cannabis. Residents been here since late 70s, new owners are carpetbaggers from out of state, who originally thought to evict us but tipped their hand too soon and the tenants got organized. Now there's seething hatred. I'm deeply concerned that my own landlord will just stop all services and abdicate, abandon their investment, let it foreclose, and stiff their own investors. That our power and water will just be shut off, trash pickup too.
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Old 03-23-2020, 03:48 PM
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I am still trying to figure out this "no eviction thing". So I can't evict my tenant for something such as non-payment of rent, I understand that, but does my tenant realize that when the 3 months or whatever is up when the policy is removed he/she now owes 3 or more months worth of back rent? If they can't afford 1 months rent right now how can they afford 3 or 4 months worth 3 months from now?
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Old 03-23-2020, 04:30 PM
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So if a tenant gets to live rent-free for a few months that's great for the tenant, but not for the landlord who still needs to make his mortgage payment.

But what if he didn't? What if mortgages were also placed on hold?

Basically, what would go wrong if we jut hit "Pause" on the whole real estate market? Basically, mortgage holders (ie, banks) would be without income. But ... so what? Are they living paycheck to paycheck?
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Old 03-23-2020, 10:13 PM
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3) a farmer returned home from town to see a hobo sitting in the porch with his feet on the railing. The farmer said,”get off my land.”
“Your land? How’d you get it?” responded the hobo.
“I got from my father.”
“How’d he get it?”
“From his father.”
“And how did he get it?”
“Why,” said the farmer proudly, “he fought the Indians for it.”
“Well then,” said the hobo as he got to his feet, “I’ll fight you for it.”
Whereupon the farmer took the shotgun he happened to have with him and shot the hobo dead.
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Old 03-23-2020, 10:18 PM
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So if a tenant gets to live rent-free for a few months that's great for the tenant, but not for the landlord who still needs to make his mortgage payment.

But what if he didn't? What if mortgages were also placed on hold?

Basically, what would go wrong if we jut hit "Pause" on the whole real estate market? Basically, mortgage holders (ie, banks) would be without income. But ... so what? Are they living paycheck to paycheck?
Yeah, in addition to direct-to-the-public stimulus checks and bailouts for stricken businesses, I see massive debt forgiveness as one of the measures that will be necessary to cope with a long-term economic shutdown. The trick will be balancing it so that no one's left holding the bag.
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Old 03-23-2020, 10:39 PM
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Basically, what would go wrong if we jut hit "Pause" on the whole real estate market? Basically, mortgage holders (ie, banks) would be without income.
Bailing out a bank in a major recession is just something I cannot ever seeing this country doing. With millions of people in financial distress, the idea of putting a profit-making institution before regular people who may be struggling to put bread on the table is just a incomprehensible.

Americans are a generous people, are we not? We look out after each other in this classless society, and as a Christian nation, we know that it is easier for a camel to pass through the eye of a needle than a rich man to enter the Kingdom of Heaven.

Yea, verily, in this republic of the common man, we shall always put the wretched and the poor before the monied and the privileged.
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Old 03-24-2020, 03:26 AM
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Bailing out a bank in a major recession is just something I cannot ever seeing this country doing. With millions of people in financial distress, the idea of putting a profit-making institution before regular people who may be struggling to put bread on the table is just a incomprehensible.
Ha ha ha ha ha ha...

You're not serious, are you?

I mean, really, the people currently in charge in Washington clearly value dollars over the lives, much less the well-being, of average citizens.

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Americans are a generous people, are we not? We look out after each other in this classless society, and as a Christian nation, we know that it is easier for a camel to pass through the eye of a needle than a rich man to enter the Kingdom of Heaven.
As someone who was born and raised here but is not a Christian I'm stick and tired of hearing how "Christian" the US is, especially with how our society criminalizes the poor, sick, disabled, and downtrodden. The US is, at best, only Christian in name because if this country was really acting according to the New Testament we wouldn't have thousands sleeping in the streets every night. That line about the camel and the needle? It's forgotten - it's prosperity gospel for the win! But beyond that - saying that "America is a Christian country" sure sounds to me like I'm relegated to second-class or non-citizen status because I don't believe in your god. I used to believe that we were all equal here but over the last few years I've come to realize that even if that used to be true it's not anymore.

I get it - you have an idealized notion of what the US is. But we're not that. We haven't been that for a long while now. It's time to face reality and admit we really aren't great at this point, we aren't number 1, and we really do need to get our house in order.

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Yea, verily, in this republic of the common man, we shall always put the wretched and the poor before the monied and the privileged.
Complete bullshit. The rich run this country and they want to keep sucking the money out of everyone below them. As far as they're concerned you exist only to serve them and when you're no longer useful you can just sleep on a sewer grate and eat out of a dumpster.
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Old 03-24-2020, 03:39 AM
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As someone who was born and raised here but is not a Christian I'm stick and tired of hearing how "Christian" the US is, especially with how our society criminalizes the poor, sick, disabled, and downtrodden. The US is, at best, only Christian in name because if this country was really acting according to the New Testament we wouldn't have thousands sleeping in the streets every night. That line about the camel and the needle? It's forgotten - it's prosperity gospel for the win! But beyond that - saying that "America is a Christian country" sure sounds to me like I'm relegated to second-class or non-citizen status because I don't believe in your god. I used to believe that we were all equal here but over the last few years I've come to realize that even if that used to be true it's not anymore.
My very Jewish family, on my father's mother's side has been here since before the Mayflower. We fought in the Revolution. But when my grandmother's mother applied for the DAR around 1920, she was rejected, because it was a "Christian" organization.

To be fair, my grandmother reapplied in the 1960s, and was accepted, but seriously, is it the DAR, or not?

Wish we had an upvote button.
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Last edited by RivkahChaya; 03-24-2020 at 03:39 AM.
  #82  
Old 03-24-2020, 04:48 AM
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You're not serious, are you?
Do you actually think a person using the word "verily" in a sentence is being serious?
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Old 03-24-2020, 04:56 AM
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And talk of cancelling cable to pay rent. First, it's 2020, we're not talking about cable, we're talking about a <$20 month Netflix subscription. Cancelling that will barely make a dent in the $1500 rent payment. A big screen TV is $300, sure, unemployed is no time to buy one, but simply having one isn't undeserved luxury. Drop the smart phone and internet, for what? To save another $100/month but now be completely disconnected from the modern world, with no ability to apply for new jobs, take gig work, or stay connected with their former employer. If I were poor or homeless, the first thing I'd get and last thing I'd give up would be a smartphone.
Exactly. I have neither cable nor the internet - until recently it has not been in my budget. Now is not exactly the time to get it. No landline. My smartphone is a $25 for 3 months plan. My car is a 2009 Accent and is paid off. The only luxury I could slash is my kindle unlimited which is $10 a month. It's called being poor or close to it. Luckily I have some savings and currently still have a job.
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Old 03-24-2020, 05:57 AM
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Do you actually think a person using the word "verily" in a sentence is being serious?
Forsooth, ye speaketh with yon wisdom beyond thine age.
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Old 03-24-2020, 06:40 AM
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Its going to cause massive economic ripples. It took a decade to recover from the great recession and this will be worse.
It may or may not be worse - it all depends on the response. If the republicans insist on setting aside hundreds of billions of dollars for major corporations and not doing shit for small enterprise, the self-employed, and the employees themselves...yep, we're fucked.

It's not looking good right now but there's still a chance some good can come of it. If we can keep this from turning into a commercial real estate crisis, if we can keep the lines of credit open -not for right now but for the immediate recovery once it's past us - then there's a chance we could go right back to where we were before the nosedive.

But if this drags on for weeks without political compromise, or worst of all, if Trump foolishly tries to rush back the economic recovery before the pandemic has run its course, then this will turn into a disaster for the ages.
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Old 03-24-2020, 06:42 AM
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My very Jewish family, on my father's mother's side has been here since before the Mayflower.
Was she part of the original Jamestown Colony?
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Old 03-24-2020, 06:44 AM
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It's not a free ride for tenants either. When the suspension of evictions is over, they will still be out on the street and with a big black mark on their credit report. (I think there are also agencies that specifically track bad tenants, and being on such lists will make it hard to get another rental.)
I'm guessing - okay hoping - that congress will intervene with some regulation to this effect. And if congress won't, perhaps state governors in California and New York will, which would probably have the same effect.
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Old 03-24-2020, 09:25 AM
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Bailing out a bank in a major recession is just something I cannot ever seeing this country doing. With millions of people in financial distress, the idea of putting a profit-making institution before regular people who may be struggling to put bread on the table is just a incomprehensible.
Absolutely agreed. So I was proposing a rent&mortgage moratorium, with financial institutions holding the bag. They still owe us for 2008. If they need money, they can borrow it at 0%.
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Old 03-24-2020, 09:37 AM
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I live in a large high rise and the communication I’ve gotten from the management company over the last month seems to have been written by a lawyer with a stick jammed up his ass and hasn’t been laid since Reagan was in office.

So much of it is written like ‘it sucks to be you that you don’t get the building amenities you moved here for but no rent adjustments will be considered.’

‘Rent is still due on the 1st of the month. I’ve attached the late fee schedule in your lease’

I’ve got the savings to pay rent. But this isn’t the way to win friends and influence people.
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Old 03-24-2020, 09:41 AM
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So if a tenant gets to live rent-free for a few months that's great for the tenant, but not for the landlord who still needs to make his mortgage payment.

But what if he didn't? What if mortgages were also placed on hold?

Basically, what would go wrong if we jut hit "Pause" on the whole real estate market? Basically, mortgage holders (ie, banks) would be without income. But ... so what? Are they living paycheck to paycheck?
But if we did that, how would the big banks make $$$? This crisis is an opportunity for the banks to make even more money! /s
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Old 03-24-2020, 10:43 AM
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Do you actually think a person using the word "verily" in a sentence is being serious?
I read a freshman college essay that did just that.
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Old 03-24-2020, 01:01 PM
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I own a four-plex and live in one of the units. My tenants are also my neighbors. My wife and I decided to not evict or anything shortly before Governor Inslee put the moratorium on evictions in Washington state.

None of them have told us they've been laid off or otherwise losing income. I hope they are all fine through this. One is a single mother of two young girls and is a nursing aid of some sort; I worry for her, not her income.

We have enough of a cushion to have SOME flexibility. Partial payments, deferred payments, no late fees, that I can handle. Straight up no rent coming in I can't handle.

If my mortgage payments can be suspended without penalty for the duration of this, then I have much more ability to help my tenants if necessary.
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