Yesterday, while driving up to Hampton Beach, a few friends and I were lamenting about the plight of the mom-and-pop Boston condo landlords due to the ban on evictions – because and argument can be made that a few tenants are taking advantage.
Here’s what’s happening in the Boston real estate apartment rental market
The federal eviction moratorium included in the CARES Act covers fewer than 30% of renters, and it is set to expire on July 25, 2020. Advocates warn of a surge in evictions and a spike in homelessness if Congress does not intervene. The “Protecting Renters from Evictions and Fees Act of 2020” aims to ensure renters will not lose their housing if they experience economic hardship during the crisis and need additional time to make payments.
Senator Warren wants to extend the apartment eviction ban til March 27, 2021
Senator Elizabeth Warren (D-MA) and Representatives Jesús “Chuy” Garcia (D-IL) and Barbara Lee (D-CA) introduced legislation on June 29 that would extend and expand a nationwide eviction moratorium to protect tenants who have been impacted by the coronavirus pandemic. The “Protecting Renters from Evictions and Fees Act of 2020” would extend the federal eviction moratorium until March 27, 2021, one year after the date of enactment of the “Coronavirus Aid, Relief, and Economic Security (CARES) Act,” and expand the moratorium to cover all renters. The bill would also prohibit fees, fines, and extra charges due to the nonpayment of rent.
My Boston real estate apartment thoughts
I truly sympathize with tenants who may have lost their job, due to no fault of their own. And I don’t want to see anyone getting kicked out of their Beacon Hill apartments. With that said, if this legislation is going to a vote, we need to put in some provisions for the mom and pop landlords especially those with only one or two rental properties.
Let us be realistic, this program is riped for unscrupulous individuals to take full advantage of at the expense of small Boston real estate investors.
Just saying
