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| Major Landlords Sue L.A. for $100 Million over Eviction Moratorium | |
| 2021-08-11 | |
The suit further alleges that the plaintiffs cannot find help from banks, who will not refinance mortgages on properties that fall under the city’s eviction moratorium. The Biden administration and Democrats in state and local governments have cast such moratoria as measures to protect the poor, but they could hurt the poor in the long run by making it less likely that developers will build housing in Democrat-run cities, or that they will invest in low-income housing at all. Los Angeles Times — which took care to note that Palmer is a Republican donor and Trump supporter — reports: Palmer’s companies also contend that they will have little success in recouping losses from their tenants after the one-year grace period that follows the end of the city’s COVID-19 emergency. “The city orchestrated a regulatory regime designed to provide a compulsory and de facto rent forgiveness to be foisted on landlords throughout the city,” the lawsuit states. Palmer has tangled with the city before, persuading a three-judge panel in 2009 to strike down rules requiring developers near downtown to provide a specific percentage of affordable housing in their residential projects. The case is being closely watched, as the Centers for Disease Control and Prevention (CDC) recently issued a new federal eviction moratorium, despite being told in June by the Supreme Court that it lacked constitutional authority to do so. President Donald Trump issued an initial, temporary moratorium when the pandemic first struck in early 2020. In his recent “State of the City” address, L.A. Mayor Eric Garcetti, who was recently nominated as ambassador to India, boasted that the city had passed “one of the first eviction moratoriums in the United States” in 2020. Related: Eviction moratorium: 2021-08-10 Good Morning Eviction moratorium: 2021-08-10 CNN and 'Cori Bush blasted for fake news story that helped to raise $230,000 for 'single mom of three facing homelessness over eviction moratorium' - but was actually just babysitter of three Eviction moratorium: 2021-08-09 Minneapolis Greek Festival cancels 2021 event due to Uptown unrest | |
| Posted by:Skidmark |
| #6 Think of all the hipster idiots who bought houses in Detroit for a dollar... |
| Posted by: M. Murcek 2021-08-11 18:22 |
| #5 You can always sell down before your property's worthless. And there's always a greater fool... |
| Posted by: M. Murcek 2021-08-11 18:20 |
| #4 ^ Excellent points. This is as close as they can come right now to shooting the kulaks. But we await further developments. |
| Posted by: Matt 2021-08-11 10:55 |
| #3 /\ When the property owner's income is exhausted and he can no longer pay property taxes, to whom does his property migrate. Yes, a rhetorical question indeed. |
| Posted by: Besoeker 2021-08-11 08:33 |
| #2 Eviction moratoriums = assaults on private property rights. |
| Posted by: JohnQC 2021-08-11 08:27 |
| #1 ...There are indications of a growing movement of landlords considering filing 1099s on tenants who haven't paid. That oughta gum up the works right quickly. Mike |
| Posted by: Mike Kozlowski 2021-08-11 06:08 |