The eviction moratorium helped some renters --- but what about the landlords?
President Biden wants an extension to the eviction moratorium. Tidal Loans' N D Kalu says Biden has forgotten somebody. "When you hear about the moratorium and helping out people who have lost their jobs and can't pay their rent, you feel good and think they are doing the right thing. But I feel we forget about the property owners who need that rent to pay their mortgages on those properties." Kalu also says advantages were taken. "What I have been seeing is people taking advantage. Not all - but some. There are people who did not lose their jobs and are taking advantage of the moratorium and not paying their rent just because they can't be evicted!"
Property Owners Welcome Throwing Out Eviction Moratorium
"The Government is not thinking about the property owners. They are the backbone of this country. They are providing people with shelter. Not every property owner is a billion dollar group. There are so many individuals whose livelihoods depend on the rent."
Many have had to change their business model. Says Kalu, "I've had a couple of clients who have had to lay off their property managers and take over the duties themselves because they have had to cut any overhead or expense they could. Without collecting rent they just can't move forward. The moratorium has really hurt their bottom line."
Kalu has heard from some clients saying they might get out of investing in rental properties if this continues.