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John Oliver: The Next Coronavirus Catastrophe: Evictions

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KGxvi6/29/2020 1:53:21 pm PDT

re: #2 Wendell Zurkowitz ((slave to the waffle light))

America has always placed Property Rights above almost all other human rights, and evicting economic victims of COVID is fully in keeping with that tradition.

The problem is, it’s a potential crisis up and down the chain. Most landlords (big and small) aren’t in a position to just waive rent - they have mortgages to pay, payroll to keep/property managers to pay; or it may be a main source of income (particularly in retirement for smaller landlords). Tenants stop paying rent, landlords either have to lay off employees or default on their mortgages; that sets up another mortgage crisis as it will fuck with the banks’ liquidity requirements.

It’s a basic economics problem - whatever the system - they are all designed to keep running, like an old clock. When one cog in the system comes loose, it fucks with the entire system. And there really isn’t an easy way to fix it (there are some simple ways, perhaps, but they are not easy).