Los Angeles County extends eviction moratorium until June 2023!
Los Angeles County just voted to extend the eviction moratorium until 2023! This would mean that if a landlord had a tenant that refused or was unable to pay rent from march of 2020 that that landlord could be sponsoring a tenant to live rent free for three years!
If that tenants rental rate was $2,000 that owner would incur a net loss of $72,000 + all of the utilities and maintenance costs and that is only ONE tenant! Imagine you own two duplexes and that is happening with one tenant in each property.
Los Angeles eviction moratorium
This would likely spell financial hardship for that landlord and potentially the end of home ownership and property investing in the state of California for that landlord. Most people when they think of Los Angeles real estate they think of driving down canon drive in Beverly Hills looking at mansions and seeing the best of what Los Angeles has to offer. That area of Los Angeles, especially in areas like the Hollywood hills and sunset strip where Jason Oppenheim and the cast of selling sunset sells real estate seems like its the rich and the famous, because it is..
However in every other section of Los Angeles the homes for the most part are much small and with smaller homes usually comes with smaller incomes, more small business and more day to day uncertainty and stress for property owners and tenants.
Technically what they are doing is stealing from the landlords to give to the allegedly poor, playing a kind of Robinhood shell game where the ownership of the property is going to be moved from the purchaser to large real estate corporations or the government itself. Maybe the buildings will even be demolished. How can the landlords hang onto the buildings with no expenses being paid on them?
If the landlords stop paying the property taxes, the city gets to confiscate the buildings or auction them off to probably large land holding companies. This is a policy that will cause more poverty, homelessness, and lack of housing that people can afford to rent. This is theft disguised as welfare. If the government wanted to help the tenants, they would pay more rental assistance, not make the landlords just foot the bill for it.
If the city officials wanted to extend the rental moratorium, then they are the ones that need to pay the landlord because landlords are not responsible for other peoples bills–no more than a restaurant, a supermarket a gas station or any other business you can think of!
This is criminal and it’s stealing from law-abiding citizens who bought a house to rent out and signed a contract with someone else. The city has no right to interfere with that contract. This should go to court, there should be a class action lawsuit by all the landlords in LA. County. They have a right to life liberty and the pursuit of happiness and this action certainly isn’t making them happy! It’s not their job to support people that can’t afford housing. That is the governments job!
Landlords use rentals to earn a living or to protect assets, they don’t have tax revenue to cover their tenants’ rent like the government does.
We will see this cause a huge problem throughout Los Angeles real estate market.
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