Diana Olick at CNBC reports that the latest extension of the eviction moratorium is another nail in the coffin for some struggling landlords…
- The majority of the nation’s landlords are individual investors. “They own about 23 million units in 17 million properties, according to the U.S. Census.”
- Money doesn’t solve everything. $34 billion in federal assistance has been distributed to states for back rent and utilities. Unfortunately, “getting that cash to landlords has been an onerous process because the tenant must be involved.”
- All landlords are not created equal. Dean Hunter, CEO of the Small Multifamily Owners Association, says that small landlords are being treated like large corporations. Hunter argues that small landlords should have been allowed to participate in the PPP program. “This is the most excessively and overly broad taking of private property in my lifetime…The eviction moratorium is killing small landlords, not the pandemic.”