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That's a nice gesture, but not really in it together. In it together would be rent forgiveness. The bookstore and restaurant have lost business, their custome
by oulu2006 7y ago
That's a nice gesture, but not really in it together.
In it together would be rent forgiveness.
The bookstore and restaurant have lost business, their customers aren't deferring payments with a gradual payback.
- HeyLaughingBoy 7y agoBeing a landlord is his business. If the bookstore and restaurant lose business and can't pay their rent, he is losing business and potentially can't pay his mortgage on the building. Being "in it together" means he's giving them time to repay the back rent instead of evicting them if they can't pay, as he legally could. Commercial lease tenants have far fewer rights than residential ones do. It's easy to spout "rent forgiveness" but where is that money coming from?
- deleted 7y ago[deleted]
- CiscoCodex 7y agoI think the crux is in the wording. For me, being "in it together" means if you're struggling I'll struggle with you. The bookstore is losing business and the landlord, in the spirit of helping out, should lose business as well. Maybe OP is struggling making their own payments because they don't have the rent money. But ultimately it seems the bookstore ends up with the rough end of the deal. The landlord will recover deferred rent, but the bookstore will not get their lost business back. To clarify, I applaud OP for doing something that eases the stress of payment. But I think the wording could have been better.
- oulu2006 7y agoYes, to me being "in it together" means suffering is shared. I said it was a nice gesture, and it is, but to me in the long run (assuming the book store doesn't go out of business) you still get your pound of flesh, you just get it a bit later, that's not really suffering together.
- oulu2006 7y agoPlease see my reply to CiscoCodex's comment.
- viklove 7y agoLegally he could not evict them, most states have suspended evictions until this crisis resolves.
- wuunderbar 7y agoWhat about the landlord's loan payments?
- Kye 7y agoThe loanlord (bank) has enough money to defer payments for a few months. They might have to skip the huge bonuses for a bit and cut back on lavish perks and parties. A small sacrifice. The Fed could temporarily ease up on the reserve rule a bit to help.