Kushner Firm Will Launch 'Eviction Wave'

[babylonsister]

9/18/21 5:00am
Kushner Firm Will Launch 'Eviction Wave'
"Kushner is the poster child for ultra-rich landlords clamoring to boost their bottom line by kicking families to the curb, even if it comes at the expense of public health."
By Common Dreams


Properties owned by former White House adviser Jared Kushner's family company have filed at least 590 eviction lawsuits since the start of the coronavirus pandemic and more than 200 in 2021 alone, putting "countless tenants" at risk of losing their homes in parts of the U.S. where Covid-19 transmission levels remain dangerously high.

snip//

The analysis comes less than a month after the conservative-dominated U.S. Supreme Court struck down a nationwide moratorium that protected millions of people from eviction for non-payment of rent—a decision that housing advocates warned could spark a devastating wave of evictions and worsen the pandemic.

"Jared Kushner is the poster child for ultra-rich landlords clamoring to boost their bottom line by kicking families to the curb, even if it comes at the expense of public health," Kyle Herrig, president of Accountable.US, told Common Dreams. "By siding with big rental companies, the Supreme Court veered even further to the right and welcomed a homelessness crisis that will fan the flames of the once-in-a-lifetime pandemic."

"With eviction protections gone," Herrig added, "corporate landlords like Kushner are relishing the soonest opportunity to evict the vulnerable, but it's still a choice: is it worth making themselves a little bit richer in the short term while making communities where their tenants reside far less healthy? We hope they put people before profits."

more...

https://crooksandliars.com/2021/09/kushner-firm-will-launch-eviction-wave

[no_hypocrisy]

1. Could be b/c Kushners are jittery about that biiiiig loan that got from

Qatar for the 666 Fifth Avenue (NYC) property. They bought it at a price higher than its value, and now don't have the anticipated revenue from rents. Real risk of being put in foreclosure.

[jimfields33]

2. Why hasn't NYC paid these renters back rent?

That’s the question. All states and cities received rental assistance Monet to give to back pay rents. Let’s get them done so evictions won’t happen.

[no_hypocrisy]

3. The new governor Kathy Hochul is releasing more money now.

[jimfields33]

4. That's great to hear.

Stop Jared right away from kicking people out. I love it.

[PatSeg]

7. Yes, I was thinking the same thing

A lot of landlords aren't wealthy like Kushner and cannot afford to maintain their buildings without cash flow indefinitely. I thought I'd read recently that very little of the rental assistance money had been distributed.

[karynnj]

8. Many, if not most, Kushner rental properties are not in NY

Yes, all states have money but many have not used it to the degree they should.

[Klaralven]

11. It's an office building, not residential

Brookfield Properties has a 99 year lease on the building. Kushners still own the land.

https://en.wikipedia.org/wiki/660_Fifth_Avenue

[fescuerescue]

5. There's going to be ALOT more than 590 evictions in this country

Sounds like Kushners got a bunch queued up.

There are around 11 million people behind on rent right now.

Goldman Sachs is predicting about 1 million evictions.

https://www.forbes.com/sites/jonathanponciano/2021/08/30/nearly-1-million-us-households-could-be-evicted-this-year-after-federal-moratorium-expires-goldman-sachs-estimates/?sh=50c6eeda4c7f

https://www.cbsnews.com/news/eviction-moratorium-2021-expiration-renters-risk-states/

[Captain Zero]

14. This will feed the LABOR SHORTAGE because

Companies that do extensive background checks may not hire a person for some positions, or at all, if they have an eviction. And maybe worse if there is a judgement for non-payment off rent because that goes on credit report.

Has anybody considered that??

[cinematicdiversions]

6. I am no fan of Either Kusner or large corporate landlords in general.

But what exactly do you expect them to do with tenants that are either unable or unwilling to pay rent?

[The Magistrate]

10. I Expect Them To Suck It Up, Sir

They've had fat years, and there is never a guarantee no lean years will come. Everyone has had to put up with a good deal in these plague years. Investors going broke is nothing compared to putting millions out on the street.

[LanternWaste]

13. Goodness gracious.

Unsurprising, but still... there you are.

[Hoyt]

16. States do need to answer for not paying out money available for back rent. And it's not just rube

states. The feds sent money to states and the states have been slow to get the money out.

If landlords are going to be asked to "just suck it up," and they can't depend on government to get them money enacted in a pandemic, the rental shortage will just get worse.

In Kush's case, I don't really care. Let that MFer end up on the street.

[blm]

9. They will all have to re-register to vote, too.

Didn’t Kushner’s companies get millions from Covid relief?

[Beastly Boy]

12. Kushner is just a tiny tip of the iceberg

590 eviction lawsuits out of a million households behind on their rents is negligible. But the biggest shock to families behind on their rent will come on the other side of the eviction process. Losing a home is traumatic enough, but being unable to find a new home will be devastating.

The current trend among corporate landlords is a wholesale buyout of single-family rental units that are being abandoned by mom-and-pop landlords who, for one reason or another, can no longer endure the effects of the eviction moratorium. Single-family rentals used to be aa significant source of affordable housing. Not anymore. Corporate landlords will end up controlling much of the segment, and they will certainly take advantage of absence of rent control regulations that do not cover single-family dwellings. The rents are certain to skyrocket. Based on the supply side of the equation alone, housing will become less affordable than ever Then, a sudden and significant increase in the renters who will eventually face eviction and seek new homes will hit those renters on the demand side. Rents will inevitably skyrocket even higher. And finally, there will be thousands upon thousands of people with a court-ordered eviction to teir names, which is public record accessible to all. Denying housing based on this record is totally legitimate.

It will be a bloodbath of tragic proportions.

In my view, the entire eviction moratorium mandate was ill-conceived and incompetently executed.

[Captain Zero]

15. Denying employment based on eviction is legitimate

too.

But it seems to me that would put pressure on rents to come down and home sales to drop.
At least a big dip somewhere in the long run, especially with the baby boomers dying and the smaller overall populations in the succeeding generations.

[Beastly Boy]

17. Predicting long term effects of the moratorium is too difficult at this point.

Not enough solid data to map the trends. But short and medium term trends are evident now. And they all point to vast rent increases and acute shortage of affordable housing across the board. I am guessing that rents and home prices will eventually stabilize, but not because of a large portion of prospective tenants' eviction record. After all, it's the landlord's choice to accept or reject a tenant based on their eviction record. It's just that the housing market is irrationally inflated now, largely due to the effects of two consecutive years of the pandemic. When the market comes back to its senses, and it is unlikely to happen before the COVID health crisis ends, prices and rents may come down a bit.

On edit: the number of millenials entering the housing markets will more than make up for the number of boomers dying off for a long time to come. So I don't see the dying boomers as a factor that will affect housing.

[fescuerescue]

18. Rent's aren't coming down. QUITE the opposite

Rents are going to skyrocket.

1) Real Estate is skyrocketing
2) Real Estate taxes are based on Real estate value
3) Losses on rent moratorium will need to be recaptured. Also larger reserve funds will be needed to account for future moratoriums.
4) We are still growing in population. Baby Boomers not withstanding. We need more housing.
5) Immigration is still net positive.

I wouldn't be surprised at all if rents are up 50 to 100% by 2025.

And that's before we even talk about inflation.