Landlord Cancels Rent for Hundreds of Tenants So They Can Buy Food

In the United States, many people who live paycheck to paycheck are worried that they won’t be able to afford housing or basic necessities during the shutdown. There has been a freeze on mortgages in most places, but these conditions overlook renters, who are often-times the most vulnerable. Many renters and activists across the country have called for a rent strike for the month of April, but some landlords have taken it upon themselves to help out their tenants.

Mario Salerno, of Brooklyn, New York, owns 18 apartment buildings, and has told his renters to not worry about paying rent during the shutdown, but to instead make sure that all of their other needs are covered. Salerno told the New York Times that his main concern is the health of his tenants.

He said he had about 200 to 300 tenants in total, and estimates that he will lose hundreds of thousands of dollars in income during the month of April.

https://www.facebook.com/ashlee.m.preston/videos/10221874269395025/

Salerno isn’t the only one, this type of rent forgiveness is happening across the country.

A landlord in Jonesboro, Arkansas, made a post on social media last month saying that his company would not expect its restaurants to pay rent during the shutdown, and suggested that they continue to pay their employees instead.

In an effort to do our part, Young Investment Company will not expect it’s Restaraunt tenants to pay April rent. We ask…

Posted by Young Investment Company, L.L.C on Tuesday, March 17, 2020

Young Investment Company owns properties that are home to some of the area’s most popular restaurants, including Eleanor’s Pizzeria, Roots, Main Street Coffee, The Parsonage, and City Wok. Property owner Clay Young said that all small businesses are suffering right now and he did not want to put more pressure on them during this difficult time.

This week there was another recording setting number of unemployment claims, with over 6.6 million people filing for benefits.

The drop in the stock market since the coronavirus outbreak began has resulted in huge losses for millionaires in the United States. At the start of the year, there was a record 11 million people in the country with over a million dollars in assets, according to a new study published by research firm Spectrem Group.

However, after the fluctuating losses and gains of the past several weeks, approximately 500,000 people who were on that list are no longer millionaires. While that number is sure to change from day-to-day, it seems safe to assume that when all is said and done there will be fewer millionaires after the pandemic than there were before.

While there are some ripple effects experienced by the general population, the wealthy are most affected by the stock market crash. The top 1 percent of households owned 53.5 percent of equities and mutual fund shares, according to data from the Federal Reserve.

According to the Bloomberg Billionaire Index, the world’s 500 richest people have lost nearly $1.3 trillion since the beginning of the year.

Still, it is the lowest earners who are hit the hardest, because many of them are already struggling to find food to eat just weeks into the shutdown. Lines have stretched for miles outside of food banks across the country in the past week.

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