UPDATE 4/30: rent payments rise 8% to 91.5% during April (new details at end of article)
ORIGINALLY PUBLISHED 4/21
Disturbing information is developing regarding fake rent payment delinquencies of renters. Main stream media is widely reporting that one-third of renters could not pay rent for the month of April 2020. This fake news is being propagated by CNN, Wall Street Journal and Newsweek and others. Although all the news organizations provide the name of the source, they misrepresent the information and outright lie about the numbers. All three news networks quote the source of the data as the National Multifamily Housing Council. However, they do not show the complete picture. The NMHC has a Rent Tracker webpage which explores the latest rent payment data across the United States from its survey of survey of 11.5 million units. According to the report, 84 percent of apartment households made a full or partial rent payment by April 12 in its second survey of 11.5 million units of professionally managed apartment units across the country, up 15 percentage points from April 5. In fact, when compared to last year, the percentage of rent payments made for the month of April only has a 6% difference.
SOURCE: National Multifamily Housing Council
Below are the headlines from the major news networks...
Glendale Tenants Union, a radical tenants rights advocacy group, has failed to collect barely less than half of the required signatures to get rent control on the November 2018 ballot. Glendale joins a list of other cities like Pasadena, Long Beach, Inglewood, and Santa Ana which have also failed to garner the required number of signatures to qualify for the November 2018 ballot. Here is a partial list of their onerous demands...
A state assembly committee voted Thursday [January 11, 2018] to reject a bill with broad implications for the ability of California cities to impose rent control restrictions on local landlords. The bill would have repealed the 1995 Costa-Hawkins Rental Housing Act, which exempts newly constructed housing from rent control laws and prevents cities from limiting a landlord’s ability to raise rents on a unit after a tenant moves out.
323.APARTMENTS (formerly Admiral Realty) has average cumulative rent increases of only 2%. Rent control imposed on 323.APARTMENTS properties would actually raise rent, not stabilize them as the law intends. Rent control laws artificially control prices by ignoring tenant loyalty and market conditions. A landlord is not allowed to offer rent discounts to long-term loyal residents because it will lose the right to raise the rent at a future date, since rent ceiling are in effect. Politically, the topic rent control is favored by tenants because they are led to believe that the law will keep their rents under control. However, tenants are not warned about the hazards of controlled pricing and its harmful effects on housing quality, neighborhood crime, and the ill effects from landlords who are forced to raise rents according to rent control timelines or be disallowed from raising rents later. Basically, rent control laws dictate when a landlord can raise rent, even if the economy is dismal. This means a landlord is forced to raise rent in poor economic conditions or otherwise lose the right in the future, when the market conditions improve. This type of pricing control discourages real estate investment and deteriorates cities.
What is Costa Hawkins?...