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And so the COVID-19 job losses and evictions begin


TheVig
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The last post in this topic was posted 1299 days ago. 

 

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3 hours ago, centex said:

I've been surprised we have had no calls yet from people wanting us to keep working for no money...we did have one newish client who almost backed out and then decided that they would put the fee on the credit card and deal with the bank if the bottom fell out for them. 

 

I do have concerns about release practices in the coming weeks...there is a valid argument to be made that the public is better served by NOT releasing people who 1) have a huge potential of relapse, 2) are not apt to be employable when layoffs and furloughs are going on all over the place, 3) oilfield work ceases to exist at the current price points, and 4) who are not apt to be eligible for the stimulus checks.  Everything combines to create a very real potential of an increase in criminality. 

We haven't had calls from customers asking to to cut them a break so to say.

 

I've had the privilege over the last few days of sitting in on some meetings are customers are having in regards to continuity of business, etc. Some are gonna straight up use COVID-19 as their excuse to trim the fat. A plan many had in the works before COVID-19. This had made the excuse easier.

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CNBC: 3.2 Million filed initial UI claims last week (nationwide). 49% of all US companies expected to have layoffs or close

 

Also: Announced Furloughs from Specialty retailers: Gap Inc (all brands), Ascena Retail Group, Urban Outfitters, L Brands

 

Edited by IndyPoolPlayer
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(seen on TV - CNBC) NY Legislature considering 3 month rent suspension/forgiveness. There is currently a eviction suspension in NY, but rent is still due. The state senator who is sponsoring the bill (See below) said tenants will get a 3 month rent suspension, landlords will get a 3 month suspension of any mortgage payments due on their properties where rent is suspended. The affected banks who hold the mortgages (paraphrasing) - they got a bailout so suck it up.

 

Albany (NY) Times Union:

Quote

A bill proposed by Senate Deputy Majority Leader Michael Gianaris, D-Queens, currently in the Senate’s Finance Committee would allow tenants experiencing financial hardship due to government restrictions in response to the coronavirus to make rent payments up to 30 percent of their current income or their contractual rent, whichever is less, per month for the duration of 90 days following the bill’s effective date. It would also absolve tenants from paying the remainder owed later on. The proposal also includes establishing a COVID-19 rental assistance fund.

Unemployment claims have surged across the country as businesses close and, at least temporarily, lay off workers to deal with the economic downturn facing the nation. The state Labor Department has seen initial unemployment insurance claims rise 520 percent over the past year, with more than 80,500 claims filed the week of March 21, the latest figures available. 

As state lawmakers tackle the budget this week, Gianaris said he will push for his bill to be approved, but stressed the quickest response would be for Cuomo to issue an executive order. 

“There are millions of tenants in this state and many of them live paycheck to paycheck. Because of the crisis, we’ve just denied them their paychecks,” Gianaris said. “Rather than have a massive housing crisis right around the corner when rents and mortgages aren’t getting paid, and the evictions and foreclosure follow from that by the thousands, it’s important to set up a procedure for that now and ensure quick recovery.”

 

Edited by IndyPoolPlayer
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2 hours ago, IndyPoolPlayer said:

(seen on TV - CNBC) NY Legislature considering 3 month rent suspension/forgiveness. There is currently a eviction suspension in NY, but rent is still due. The state senator who is sponsoring the bill (See below) said tenants will get a 3 month rent suspension, landlords will get a 3 month suspension of any mortgage payments due on their properties where rent is suspended. The affected banks who hold the mortgages (paraphrasing) - they got a bailout so suck it up.

 

Albany (NY) Times Union:

 

Gotta go with a hard NO on that...it falsely presumes that EVERY mortgage out there is keyed to a bank that got a bailout of some sort. 

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On 3/25/2020 at 10:48 PM, hegemony said:

We have our first positive cases at work; of course we're not told where they two people worked just that "those who interacted with them have been informed"

Same with me. A person on my floor of the building last week and this week a person on the floor above us. Only people with direct interactions notified in person; a general email announcement to everyone else. At least the emails specify the last known dates that the people testing positive were in the office and which floors they transited.

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48 minutes ago, IndyPoolPlayer said:

The Rent is Too D@mned High!

LOL.

 

The corporate conglomerate that owns my apartment complex is further fanning the flames. Any resident, whose lease is up for renewal between May 1st thru December 1st, can renew without a rent increase, provided they have a flawless payment history under their current lease agreement. 

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2 hours ago, TheVig said:

LOL.

 

The corporate conglomerate that owns my apartment complex is further fanning the flames. Any resident, whose lease is up for renewal between May 1st thru December 1st, can renew without a rent increase, provided they have a flawless payment history under their current lease agreement. 

Some people just refuse to learn.

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On 3/31/2020 at 3:22 PM, IndyPoolPlayer said:

landlords will get a 3 month suspension of any mortgage payments due on their properties where rent is suspended

So I'm an investor in California who borrowed money on a home in New York from a lender in Colorado who has my mortgage in its portfolio. 

 

New York is going to tell my lender that I don't have to make my mortgage payments for three months?

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Leasing manager at my apartment complex needed a break from the office. We went out for a cup of coffee. There are 250 units. Only about 80 of us on April 1st paid our rent in full. 130 have paid nothing so far. Only about 40 have set up some sort of minimal payment plan. 

 

 

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1 hour ago, TheVig said:

Leasing manager at my apartment complex needed a break from the office. We went out for a cup of coffee. There are 250 units. Only about 80 of us on April 1st paid our rent in full. 130 have paid nothing so far. Only about 40 have set up some sort of minimal payment plan.

Wonder if that whole "rent strike" thing is trying to catch on there?

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1 hour ago, IndyPoolPlayer said:

Wonder if that whole "rent strike" thing is trying to catch on there?

I don't think it's that. I think it's classic paycheck to paycheck living. The paycheck is literally gone. Many have illusions that the government will extend or expand on current eviction moratoriums. After all a roof over your head, free WiFi, coffee shops, Honda Civics, and Priuses are basic human rights.

 

Looking longer term. I don't expect to see food riots anytime soon with the hoarding that has gone on. Maybe all that TP they bought can be used to make a nice mattress under the expressway. 

 

All jokes and snarkyness aside. Its times like these when financial health becomes most visible. 

 

The fallout from all this will be lasting a long time for many.

 

Mrs Vig and I are grateful for our essentialness (jobs). Also learning our financial lesson years ago has put us in a decent position. With that said, we have taken our frugality to another level lately. 

 

 

 

 

 

 

 

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Jeez.

 

I have one tenant locally and they just paid rent for Apr. However, my Apt complex (100+ apartments)  in TX is getting hit. 25% of the tenants are out of work and almost all of them live paycheck to paycheck. We've stopped all remodeling and halted most contract work. However, I'm continuing to pay our staff and expect to be able to do that for at least 6 months. It's negative cash flow but I'm going to cover it. At least I don't a mortgage on the properties like a lot of landlords do so I can be more flexible. Unless this goes on for years and not months I should be able to continue things. My most optimistic outlook is 2 months, but more likely end of July. Could be a slow recovery after that. People are getting screwed left and right. Thank God I don't have a mortgage. But I still have to pay salaries and property taxes. With luck I can absorb this and keep my good tenants that are struggling through no fault of their own.

 

I'm damned lucky. I get rent and SS checks, have savings and have no debts. So I'll do what I can to help folk get through this.

 

This just sucks.

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