Item #1 was to cancel mortgage payments and property taxes. This person would only be paying for things like maintenance contracts, lawn service, and insurance. I would think those would be relatively low and all of them are very likely negotiable right now. I know many are proactively reaching out to accommodate. Much like Japan subsidizing 100% of salaries, there would be a timetable for it to sunset since it's obviously can't happen indefinitely.
Not that I think that idea is 100% feasible (I don't think states and counties can function without property taxes), but losing an investment seems like a better option than losing where you live.
Ideally, "the market" would fix itself. Nobody has leverage here. It's not like there are new tenants waiting to move in and pay rent. So everyone is motivated to renegotiate--unfortunately, the volume of renegotiations often means enforcing silly policies like "evict everyone immediately" might get used. This happened in 2008.
I, too, am worried about consolidation. I know that will happen without any action, and will likely happy if the government does.
Not that I think that idea is 100% feasible (I don't think states and counties can function without property taxes), but losing an investment seems like a better option than losing where you live.
Ideally, "the market" would fix itself. Nobody has leverage here. It's not like there are new tenants waiting to move in and pay rent. So everyone is motivated to renegotiate--unfortunately, the volume of renegotiations often means enforcing silly policies like "evict everyone immediately" might get used. This happened in 2008.
I, too, am worried about consolidation. I know that will happen without any action, and will likely happy if the government does.