Quote:
Originally Posted by westopher
Those landlords are in for commercial rents that are 40% of what they are used to getting, or 0% for that matter. If they are willing to let everyone else get fucked and think they are immune, hopefully they get fucked worse.
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That was toxic as fuck. It's as if you are blankly labeling every property owner as scum, and that they should get fucked.
Truth is many people who own commercial properties it is their business, and no they arent all tycoons, and millionaires. They can be pretty average people, and maintaining commercial buildings and properties can be a full time job. SO they are just trying to run a business, the same as mom and pop running a bakery, or hipster joe running an ethical bean cafe, or some hippie running a pansexual vegan restaurant. This thing is affecting everyone, and yeah if rents drop to 40% or 0% or people default and dont make their payments, maybe some of those LL will foreclose on their properties, and that's not good for the economy either, because the people who are in those buildings who are making their payments will likely lose their location in the midst of the whole thing.
At the end of the day the situation between the renter and the landlord is exactly the same, they can either weather the storm or not, it's all based on if they set money aside for a situation like this or not.
Makes no difference if you are a property owner, or a business owner, you over leveraged yourself while the economy was booming, and now while we hit a rough patch you realized you aren't adequately prepared.
But for some reason everyone wants to throw shade at the guy who owns the building, meanwhile the renters who are going belly up are all sob stories. Well I can tell you what, those business are getting a lot more aide then the property owners, so have a little humility and dont be an asshole, we're all in this together, and it's not a good situation for anyone.
PS: it's always a clear divide on subjects like owners vs renters, because anyone who rents resents people who own.