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Cheesecake Factory tells landlords it won't pay rent after april 1st
- Thread starter Deleted member 12790
- Start date
There was sarcasm implied in my post because it's unrealistic to think all these mortgages will get paid for by evicting tenants. Either everyone is going to need to get mortgage payment deferrals, we get some kind of mortgage/rent pause, or there are going to be a lot of foreclosures happening.
Coincidentally they're literally right next to each other at my area's mall.
OP
OP
poes law these days, man. My range for sarcasm is all thrown out of whack lately due to our country being run by Cobra Commander.
This could be done during a national emergency.
'
New York State suspended Mortgage payments entirely.
You take that back. Cobra Commander was fucking competent. He would've had Covid-19 figured out months ago.
Rent and mortgages tend to be tied to contracts with explicit terms and dates. This seems like a legal nightmare to implement even though it needs to be done. Even if you keep the end dates the same, all that means is people are going to be behind since they're going to owe for the months that were on freeze. Does anyone know how this would legally work?
Fuckers at my place want $58 to do a credit card charge for rent. Before learning that I was like, "Yeah, rewards for paying my rent!" After that I was like, "Fuck off and continue putting forth the expense and effort of depositing a check."
All rent and mortgages should be suspended for the next month or two. I don't know how that would work and don't care.
This is why Republicans think they're doing small businesses a favor by wanting to end the shutdown. They view mass death as inevitable and think UBI/rent freeze are completely out of the question because the free market is sacred and cannot be disrupted even to save lives.
This. Some folks acting like all landlords are just sitting on a pile of money Scrooge McDuck style being selfish. For many it's always been a balancing act of income generated by rent going right into mortgages/repairs/service like any small business.
There should be a freeze on everything for a limited time. But Washington is ineptitude will make this historical event far more economically painful than it needs to be.
You can freeze evictions, though. That what Canada is doing and other nations that care about their populace.
Landlords should be helped too!
That's the issue. Shitty safety nets all around.
after this is over lets all get ripped and eat a bunch of fried mac n cheese balls
OP
OP
Lots of places are freezing evictions but if I understand things, that freeze doesn't negate the money owed for that period.
No worries, I've missed some sarcasm in a few posts recently, as well. It can somtimes be tough to tell nowadays!
Ya, so it breaks down to two possible takes:
1) Freeze mortgages for everyone, but when the freeze is lifted suddenly you're going to owe all that money for however long the freeze is. That's for sure going to cause a lot of problems with suddenly slapping people with large bills.
2) Freeze mortgages for everyone and then extend the term by however long the freeze is when it's lifted. This seems ideal, but then I think the problem is every rent and mortgage contract has specific terms and dates specified which means you have to amend every single contract in existence that is current which seems like a legal nightmare.
Is there a third option that works that I'm not thinking of? Like I said, it needs to happen, but which path do you take and how do you make that a reality?
"WHEN WILL YOU FRIKKIN FRIKS LEARN THAT YOUR ACTIONS HAVE CONSEQUENCES"
The problem sure ain't lack of snark.
#2 is doable if the government in the US could actually do its job in good faith. But if that were the case I don't think we'd be in this position to the extent we're in to begin with.
I suspect you could accomplish #2 via legislation without needing to amend every contract.
Just pass a law that freezes mortgage payments and rent alike so landlords and tenants can just cool it.
If enough businesses refuse to pay, Malls and Landlords will have no choice and let people stay. They can't just kick everyone out, they would die off over night.
Not in those cases where there are already tenants lined up at the end of the lease
My lender is offering forebearance for 3 months, and then after that you get hit with it all in one bill. Also I believe you still take the credit hit for not paying.
I think they'll blink because they don't want even the potential of people organizing (which is already happening everywhere) to begin REAL rent strikes, which would show people "oh yeah that's right why to landlords exist again".
Because we're paying the mortgage. People choose to rent for a reason.
It's nice to see bigger corps making this play if only because it probably makes it easier for smaller restaurants to argue the same.
True, but I think that could still be accomplished via legislation with smartly crafted language; however, the more I'm thinking about it, it doesn't necessarily make sense to me to make the default scenario be a bilateral extension of the lease term.
I mean mostly because landlords, such as yourself, own 2/3rds of all available property and lands in most major US cities. And that your primary function is literally just facilitating something that other people created with their own labor independent from you and could easily maintain with labor independent from you other than your potential injection of capital to simply acquire the property.
As well, we can just create communal spaces within which everybody is entitled to a place to live, instead of forcing people to literally use 2/3rds of THEIR hard earned spoils from THEIR labor simply to have a place to live. Like any rational, humanistic society should simply provide people for nothing because the idea of housing as something commodified is absurd on its face. And is nothing more than an avenue for a transference of Capital towards and ever shrinking funnel of interests.
That's exactly the type of business I'm wondering about. Big guys like Cheesecake Factory take up enough square footage that they might be able to negotiate something but what about the small, private businesses? We're probably going to have social distancing in effect for the rest of the year, does that mean that every IT repair store, hobby shop, etc is going to be shut down this year?
The hedge fund that owns the mall that has Cheesecake Factory as a tenant doesn't pay a mortgage lmao
It's...interesting... that a renter would by that account have all their money going to the mortgage but they don't have any stake in their housing. If only there were a way for the tenants to have a collective ownership in the housing they rent. But that's surely impossible.
