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California Grapples With Rent Issues

The California Legislature is currently trying to figure out what to do about one of the worst economic crises that the state has seen in decades, as it has less than a month left to decide. With the current circumstances of COVID, there’s nothing worse than trying to figure out what to do about rent.

There are hundreds, if not thousands of people who have either lost their job, had their hours cut, or can’t go to work right now because of current lockdown restrictions. This means that many are struggling to pay the rent right now, and don’t have a straightforward solution. If you’re struggling to pay the rent, consider a short-term loan to get you through until things are a bit brighter.

Second Shutdown Not Easy on Anyone

Millions of Californians have now lost their jobs as the state-mandated a shutdown that saw the majority of businesses being forced to close for months on end. It’s getting worse, though – now, these millions are getting worried that they’re also going to lose their homes.

The U.S. Census Bureau showed last month in a survey that one in seven people renting in California didn’t pay their rent for the month, and one in six don’t expect to be able to pay it on time for the month of August as well.

There are a number of bills currently trying to be pushed through the legislature to prevent what could be a big wave of evictions in the coming months, which is just going to add to California’s already serious homelessness issue.

However, tenant advocates and property owners are divided as both raise concerns about how the problem is being approached.

Evictions Could Be Allowed Again

Evictions have been prevented for the past four months, but this could end as soon as mid-August. Assemblyman David Chiu says that the clock is ticking, and the legislature only has two weeks left to avoid a complete disaster.

David Chiu has a proposal that would prevent property owners from being able to evict tenants who can’t currently pay their rent because they have lost income due to COVID. The proposal covers tenants for 90 days after the state of emergency was declared throughout the state. Additionally, tenants would then have up to a year to make up the rent that they had missed.

Homeowners Could Seek Forbearance

Homeowners who are experiencing financial hardship, including those that own property and rent it out, could also seek forbearance for up to 12 months. Tenants would have the opportunity to pay back any rent they have failed to front interest-free over a period of 10 years under a voluntary program where landlords could receive tax credits if they forgave missed rent periods for their tenants.

For individuals experiencing financial hardships, both personal and short-term loans can help to temporarily manage the issue of rent until things are a bit easier. Many don’t know that their cars could be used as collateral for a loan.  If you are interested, make sure you get the best title loans possible.

There is still much uncertainty as nobody is sure whether Congress will approve more financial relief for property owners and renters alike.

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California Grapples With Rent Issues

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