Landlords have filed more than 150,000 eviction notices already. By January it will get much worse.

submitted by d1984 from motherjones.com

all 11 comments
sorted by:
top
newinsightfulfun

[–]PencilPusher55 4 insightful - 3 fun4 insightful - 2 fun5 insightful - 3 fun -  (2 children)

Why are landlords viewed as these subhuman millionaires? They need to make an income too, right?

[–][deleted]  (1 child)

[deleted]

    [–]GConly 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

    Housing's a limited resource, and they go around buying it all up to profit off of people who need somewhere to live.

    Depends how you look at it. Buying up smaller properties is kind of scummy, and I think BTL mortgages on properties under a certain value or sq footage for rental shouldn't be allowed.

    But... We have some stupidly oversized Victorian and Edwardian houses that really are best used broken up into apartments or bed sits and a lot of people do need temporary rentals (students etc).

    There's also the 'we need a bigger house but want to keep the old family place for the future' purchasers.

    Personally I think restricting BTL mortgages on small properties and backing super cheap state rental property is a better way to go.

    [–]Druullus 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (1 child)

    what about foreclosures?

    [–]GConly 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    This was my first thought. It's only a matter of time before the closures happen. Property prices will take a hit too.

    And I'm a bit ashamed to say we're probably going to pick up a new property because of it.

    [–][deleted]  (11 children)

    [deleted]

      [–]whistlepig 6 insightful - 1 fun6 insightful - 0 fun7 insightful - 1 fun -  (3 children)

      Many are basically small private businesses. They got mortgages on the property as well as their own house that they live in. They are counting on those rent payments to pay all of those mortgages. Just like those that are renting from them they often don't have much buffer saved up and hold a lot of debt. Your so-called evil landlords are often just as desperate as your perception of the renters. In some cases ... more so. A renter may be able to hold on to their money and move into a roommate situation somewhere and save money. A owner is committed to the agreement they made with their bank several years ago.

      Also... many of these landlords have day jobs. Many lost those day jobs like the renters you are sympathizing with. Not that there is anything wrong with sympathizing with the renters, but my point is that many of the landlord might have earned a little sympathy as well.

      [–]PencilPusher55 5 insightful - 4 fun5 insightful - 3 fun6 insightful - 4 fun -  (1 child)

      But you see, this makes too much sense. It's easier to just view them as rich fat cats that kick out the poor for fun.

      [–]whistlepig 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

      oops. my bad. ;]

      [–][deleted] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (1 child)

      they'd rather have the apartment empty than someone in there who is not paying

      [–]whistlepig 5 insightful - 1 fun5 insightful - 0 fun6 insightful - 1 fun -  (0 children)

      At least that way they might eventually get a new renter and be able to collect rent in the future.

      [–]insta 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

      it's "to spite their face"

      [–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

      Think? If landlords fail to pay their own rent to the true owner, they will lose the licence to work with the property. And this license is extremely expensive. May take decades of work to get one.

      So, they'll either find these new renters somewhere fast, or get to watch years of their life turn into nothing. Good motivation is a key to success.