Pay attention to what is happening in California since the way they are destroying housing will seep into other states. Governor Newsom and the legislators are reshaping the housing industry and killing home ownership and rental possibilities for the common man.
California is completely reshaping capitalism into socialism. They have used the pandemic as an excuse to cancel rents. Landlords can’t evict renters and the Supreme Court refused to hear their case. That means California can do this indefinitely.
Los Angeles is looking at canceling rents until 2025 or 2026, but landlords still have to pay their mortgages and taxes. Some landlords need the rent to exist.
As one example, Boyle Hills tenants are demanding legislators cancel rents, but the landlords expenses aren’t cancelled.
California keeps delaying rent payments at landlords expense. In the end, there are so many landlords who will have to evict tenants [mostly deadbeats] that it would take years to get them out. It takes more than 3 years to evict. At the end of this next moratorium, there will be 680,000 evictions clogging the courts.
Two-thirds of rentals are owned by corporations and mom and pop rentals are getting crushed. Corporate landlords will buy them out as the blood pours out onto the street. This destroys opportunities.
Large corporations are buying up all the homes and rentals. It will kill the dream of homeownership and renting second properties. The California government is also buying up homes. You will see only government and large corporation renting and owning. It’s a disaster for immigrants who are buying maybe one duplex to use as their nest egg.
California is extending rent moratoriums for 18 months at a time. How do they know what will happen in 18 months? This is about changing the landscape.
The Biden White House on May 12 will hold meetings with NGOs to bring this to the world as if the storm is coming, not passing. At the same time, California is spending billions on building and purchasing units.
Homes in California will be owned by corporate and the state. This has already begun throughout the nation.