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Rent crisis spirals for landlords awaiting $47 billion in relief

FAIRFIELD-SUISUN, CALIFORNIA Apartment buildings in New York City. Cities remain largely popular despite reports to the contrary, and rising mortgage rates wonâ€™t matter as much for housing affordability as limited supply. (Dreamstime.com/TNS) Rent crisis spirals for landlords awaiting $47 billion in relief More than a year since Covid-19 lockdowns put millions of apartment dwellers out of work, almost $47 billion in U.S. government rent relief is hitting the streets. For many landlords, it’s coming much too slowly. Joaquin Villanueva, an airport janitor who owns a three-unit rental house in East Boston, had to take out a home-equity loan just to pay the bills. One tenant, eight months behind on rent, vanished one night in March. An unemployed restaurant dish washer in another unit owes $5,000.

New yorkUnited statesEl salvadorEast bostonCrown heightsFreddie macStockton williamsJoaquin villanuevaLincoln ecclesDonald trumpRick shargaJoe bidenLos angelesPeter hepburnBrandon mccallTreasury department

Rent crisis spirals for landlords awaiting $47 billion in relief

More than a year since Covid-19 lockdowns put millions of apartment dwellers out of work, almost $47 billion in U.S. government rent relief is hitting the streets. For many landlords, itâs coming much too slowly. Joaquin Villanueva, an airport janitor who owns a three-unit rental house in East Boston, had to take out a home-equity loan just to pay the bills. One tenant, eight months behind on rent, vanished one night in March. An unemployed restaurant dish washer in another unit owes $5,000. âI donât want to lose my house so Iâm doing whatever I have to do,â said the El Salvadoran immigrant who wipes the floors at nearby Logan International Airport. âIâm not rich like a Donald Trump.â

New yorkUnited statesEl salvadorEast bostonCrown heightsFreddie macStockton williamsJoaquin villanuevaLincoln ecclesDonald trumpRick shargaJoe bidenLos angelesPeter hepburnBrandon mccallLogan international airport

Rent crisis spirals for landlords awaiting $47 billion in relief

Rent crisis spirals for landlords awaiting $47 billion in relief
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New yorkUnited statesEl salvadorEast bostonCrown heightsFreddie macStockton williamsJoaquin villanuevaLincoln ecclesDonald trumpRick shargaJoe bidenLos angelesPeter hepburnBrandon mccallTreasury department

Mom And Pop Landlords Dying On The Vine As Un-Evictable Tenants Enjoy Pandemic Protections

According to Bloomberg, nearly $47 billion in rent relief from the Biden Administration has been slow to materialize, forcing mom-and-pop landlords into financial hardship - or forced to sell to wealthy investors . Bloomberg, perhaps to invoke sympathy for the landlord class, focused on the impact felt by minority landlords. Like their tenants, these landlords are more likely to be nonwhite or to be immigrants using real estate for their economic foothold. Now, mortgage, maintenance and tax bills are piling up, putting landlords in danger of losing their buildings or being forced to sell to wealthier investors hunting for distressed deals. . The tens of billions of dollars that Congress allocated for rent relief starting in December and then with a second allotment in March

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