35% of Business Owners are Unable to Pay Rent
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Really hoping to hear something creative. Hearing from tenants that have exhausted options - EIDL and PPP funds out, savings gone, credit cards maxed, defaulting on commitments, not eligible for more loans... Also hearing from landlords that aren't receiving rent, can't pay property taxes, can't make mortgage payments, can't fund repairs, and are on course to loose their properties. Neither party feels like the other understands them. Worse are the stories of tenants that can pay debts but are choosing not as a precaution, hurting landlords and creditors. Similarly, hearing from tenants whose landlord has made no concessions at all and doesn't seem to understand that some rent is better than no rent when the tenant closes their doors. Haven't heard any great solutions or examples of both truly working out something mutually long-term. Would love to hear some creative solutions that are working.
Separately, I wish there was a fair way to create a social scoring for both to reward good behavior for those on both sides. Unfortunately, as a business tenant I have a landlord that has made no concessions. It's helped us realize we could do better. Looking forward, I'll never consider a property again without asking the landlord what they did to support their tenants during the pandemic, and asking other or prior tenants to confirm. If I were a landlord, I'd be looking for the same reassurances of good faith efforts during the pandemic from tenants.