Here is something to keep your eyes on. SB1410 would burden landlords with tenants' past due rents accruing through April 2021! Additionally, SB1410 would continue the moratorium on Landlord's eviction rights. This doesn't make sense on so many levels. In the current SB1410 scenario Landlords would remain wholly responsible for their property ownership, property taxes, maintenance, and loan payment obligations. Isn't this a type of taxation on the landlords to force them to provide for the tenants housing needs? SB1410 would limit Landlord's ability to be reimbursed for this taking of their rights and monetary assets to a tax credit beginning in 2024 amortizing their lost rents over ten years. The tax credit doesn't even start for three years. How are landlords expected to pay their loan payments and other property expenses? What if they don't have the capital to take care of their own families and their tenant's housing costs as well?
If we are going to take away owners' rights to collect rent and/or get possession of their property back, why don't we go all the way and require lenders to forfeit their rights to collect loan payments or foreclose on the landlords for their failure to pay their loan payments? Maybe we should go further and not require lenders to be responsible to their shareholders or governmental agencies for their obligations. Let's just press a "reset" button on the whole thing. Oh, that's right, until now we have honored a quasi free-market economy, where market supply & demand, rules, laws, and regulations were honored like gravity. This is what we have depended on for the functionality of the entire US economic machine. If we take one away, should we take it all away? Or come up with a fair and just way to modify these important private property rights.
Alternatively, allow the landlords and tenants to work things out on their own. Each by its own case by case basis. Provide support and guidance for the process. Permit property owners to retain their rights as owners. Allow tenants to utilize the protections they have on their behalf to navigate the challenging conditions we are all faced with and must manage to resolve. SB1401 is shortsighted and potentially unconstitutional. Do they realize this could result in a wholesale liquidation of rental property ownership, converting rental housing to private ownership? Who wants to own a rental property in California if you can't collect the rent? Or you don't know what the State will do next with your rights as an owner? There are better ways, but they will require a broader view and a commitment to fairness and justice for all.
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