Homeowners left behind as moratoriums on evictions continue
Tthey may not have the most popular public image and are often caricatured as greedy and heartless.
But the owners also feel pain. And they have bills to pay.
As our cover story explores this month, mom-and-pop property owners – who far outnumber their bigger, deeper-pocketed counterparts – have been incredibly tight alongside their tenants at cause of the coronavirus.
Many have been forced to drain their savings, maximize their credit and put themselves at financial risk to hold onto their buildings, as Suzannah Cavanaugh, Trevor Bach and Emily Landes write in a series of stories.
Rent relief programs were supposed to help, but little money was given out. And the CDC’s new eviction moratorium that runs through Oct. 3 is another blow to homeowners who still have to pay off their mortgages after many tenants fail to pay their rent. Even when evictions return, there is unlikely to be any short-term relief for landlords, given the backlog in the housing court.
From coast to coast, the dream of owning a home has become a nightmare for many.
Even pols seem to weigh in with support. “The majority of homeowners in this community are small homeowners who pay their own mortgages and put everything on the line,” California Governor Gavin Newsom said. “This idea that every owner is greedy or a business owner is nonsense.”
Tensions between landlords and tenants have spread in other ways as well. Several articles in this issue detail extreme situations homeowners have seen – there seem to be more of them these days. Our headlines tell the story: “’I’m going to kill you.’ Tenant from Hell wreaks havoc, ”and“ Flooded, Arrested, Assaulted: A Landlord’s Horror Story. “
In other (not so) good news, we continue to explore the far-reaching fallout from the Surfside condo collapse in South Florida in a series of stories. We take a look at the fierce fight over the future of the site and how the tragedy is likely to lead to price changes and more wholesale buyouts in the region’s condominium market.
We also discuss in depth the actors involved in the initial construction of the building. TRD First announced that the architect behind the collapsed condominium had been suspended for negligence after earlier structures he had designed toppled in a storm. And we take a look back at the story of Champlain Towers developer Nathan Reiber, who fled legal issues in Canada before ending up in South Florida and building the ill-fated project.
Elsewhere, we examine how disruption in supply chains has driven up the cost of materials and put developers at a standstill. And we explore several beleaguered characters: developer Josh Schuster, who had a reputation as a rising star before recent allegations and relationship breakdowns; how Tom Barrack’s company isolated itself from its founder; and the real estate fallout from New York Governor Andrew Cuomo’s alleged sexual harassment investigation.
Finally, in other news that might make you feel like this pandemic will repeat itself in an endless loop, there’s also the Delta variant – and its impact on the real estate market, including the disruption of plans to return to the office this fall – to consider.
We also have lighter beach readings, take a look at the luxury toys of the real estate titans. It’s a fun piece about the richest superyachts, racehorses, art and sports teams in the industry. And on page 30, check out clips from our new Master Class video series. We sit down with the biggest names in the business to understand how they’ve climbed the corporate ladder – or built their own way to the top.
Take advantage of these last days of summer, and enjoy the show.