patrick.net

What % of landlords will evict and go into the vacancy market during the pandemic? Not many.

Not paying for WaPo stupidity.

Any thread that starts off with a WaPo link is immediately off on the wrong foot.

https://www.cnbc.com/2020/04/09/weekly-jobless-claims-report.html

Thought we'd hit 7M, so I was close. This is a harsh stance, but we're better off losing 1M people overall (Deaths in the US alone) versus 17M people not working. That is going to jump again next week another 5-7M again. So 20M+ people not working or doing anything.

We were never going to near 1M deaths from this anyway. Even worldwide we won't. Haven't even broken 100K yet... Whatever.

Can’t speak for other states but good luck to landlords attempting to evict in California.

And the nurse thing in Las Vegas is just plain stupid. We’re clearly not getting the whole story. But such is the ways and means of leftist fishwrap.

BayArea says

What % of landlords will evict and go into the vacancy market during the pandemic? Not many.

Exactly. All of what the economy hinges on is getting the economy back to work.

That means the federal and state governments coming up with regulations and standards for businesses that require congregation of more than 10 people at a time like sports venues and stadiums, hotels, restaurants, resorts, gyms, airlines, cruise ships, casinos, etc.

These regulations and standards will help to ensure consumer confidence just like airport security measures implemented after 9/11.

Of course, just like there is a $11 airport security fee per round trip airplane ticket, this means the "new normal" will increase the cost of doing business.

Look at the War on Terror and the increased security state did as far as adding at least $3 trillion to our debt and adding new costs to doing business.

Perhaps that is what our adversaries (i.e., ChiComs, etc.) wanted at least to happen, if not killing off at least 1/2 the USA population or destroying the economy.

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And I don't see landlords jumping the gun and forcing massive evictions without trying to work out deals with their tenants.

Essentially, at worse, they can write off at least 8 weeks. If it is 12 weeks or more then we're fucked as a country and economy.

The landlords could get the lost amount of lease payments later when their tenants economically recover. Maybe a tenant pays 1/2 of the outstanding balance of lease payment over the remainder of the lease.

Maybe in addition to that they'll get a bailout from the government for any lease payment that is not recovered.

All of this hinges on the federal and state governments getting business back to work as soon as middle of May.

Very few folks are driving, and many folks are unemployed. Those who are blessed to still have a job, already have a car if they want/need one. There's fleets of "newly-used" inventory as well as freshly minted, unsold new cars. (Including Teslas).

What are they going to do with a repossessed car if the borrowers go on strike? Auction it? To whom? There's not even enough space on lots to stash hauled away repo'd cars.

What will be the consequence of forgoing the Car Payments? A ding on the "credit rating"? Is Credit Rating so important when people are getting laid off by the millions, and dying by the thousands?

If the lenders would swap the title for a token Face-Saving pay-off amount, say like 10% of the outstanding balance, they'll be better off than keeping the title of an "asset" that they cannot sell.

I concur that auto loans will be the first wave of defaults. Nobody needs that new car right now, and if you were leasing? Hah! That thing can just go back to the dealership, and you can get a beater for a few thousand to drive a few years. The only necessities are food, shelter, and bandwidth!

B.A.C.A.H. says

Is Credit Rating so important when people are getting laid off by the millions, and dying by the thousands?

How much of that is true in the next 4 to 6 weeks ?

The was a shutdown not due to poor underlying economics. It was due to a government order. Let's see what happens 4 to 6 weeks from now.

ad says

Let's see what happens 4 to 6 weeks from now.

If you say so.

https://wolfstreet.com/2020/04/09/week-3-of-the-collapse-of-the-us-labor-market/

Evictions give the Founding Fathers multiple orgasms!

All our government officials are signaling that this lockdown will last months or even through the year. I don’t think people will cooperate with such drastic steps. Honestly, the most I think they’ll tolerate is another month or maaaaaaybe two. If we don’t lift these orders by June expect mass civil disobedience and possibly riots. And honestly June is longer than I think is possible. May 1st is going to be on a lot of minds.

Shaman says

Honestly, the most I think they’ll tolerate is another month or maaaaaaybe two. I’d we don’t lift these orders by June expect mass civil disobedience and possibly riots.

May 1st. I know they hinted at it being longer, but government is gonna be in a world of hurt if shit doesn't get back to normal. They said 15 days to stop the spread over about a 5 or so day period. Changed it to 30. Can't keep moving the goal posts. Unrest is coming.

June is unfortunately not an option in this country. States cannot handle the UE claims as is. The stimulus hasn't hit a persons account yet. Food banks are going to be drained over the next 14 days and we still have 21 days per the federal governments recommendation. Last week of April could get very interesting if there's not direct and strict guidance about what the following days hold in store.

I agree if this goes over two month the govt is out of its mind.

Already stuff in LA like massive street racing is going on. Imagine the reaction in the gun heavy states if the govt demands everything stays closed.

FuckTheMainstreamMedia says

I agree if this goes over two month the govt is out of its mind.

Already stuff in LA like massive street racing is going on. Imagine the reaction in the gun heavy states if the govt demands everything stays closed.

It will be 4 weeks on Sunday for myself here in IL of basically staying home. The 3-4 times I've gone out, late morning/mid day, all I saw was the people that should not be out. And this wasn't during senior hours or whatever they started doing.

My wife goes out more and she's now getting the side eye for not wearing a mask. How quickly our society can be corrupted is alarming. The people that shouldn't be going out continue to do so and the people that can handle the virus are in many cases forcibly not allowed to make a living. None of this makes sense.

Old people and tubbies with tubby diseases are still going to die after the lockdown ends, but deaths will be more gradual, and so nobody will care, just as with the flu deaths. A boiling frog perception thing.

willywonka says

Old people and tubbies with tubby diseases are still going to die after the lockdown ends, but deaths will be more gradual, and so nobody will care, just as with the flu deaths. A boiling frog perception thing.

Except that the leftists, especially those in the media(IE the entire media), will continue to push deaths as hysteria after hysteria.

zzyzzx says

Socialism free trial starts when the money runs out.