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COVID-19 Cancellations


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19 minutes ago, Tank said:

the mayor of LA has said no evictions to tenants during this time. initially it was for residents but i think he was trying to extend it to businesses. maybe i'm missing something though.

No Evictions, doesn't mean rent isn't due.  So the longer this goes, the more months rent will be due.  It's a hole that a lot of people and businesses won't be able to dig themselves out of.  Look at a big chain like Cheesecake Factory.  2 weeks into no business/income and they already are saying they can't pay rent.  As soon as this thing is over, evictions and foreclosures will start.  

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Just now, Vegas Halo Fan said:

They won't get thrown out, but they will still owe back rent and all of the other expenses that will accumulate during that time. Here, the Governor has signed an executive order to prevent utilities from being shut off during the shutdown, and businesses are included in the no eviction order.

Executive order doesn't say anything about the utilites being due.  So it will continue to accumulate.  Another thing not listed is if late charges will still be applied for non payment.  Again, hole some people won't get out of.  

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6 minutes ago, gotbeer said:

Executive order doesn't say anything about the utilites being due.  So it will continue to accumulate.  Another thing not listed is if late charges will still be applied for non payment.  Again, hole some people won't get out of.  

The charges will continue to accumulate, but at least in Nevada, they won't be shut off. I'm guessing that a lot of small business owners will do the math and just shut everything off. The impact will only be heightened if this is extended for another 30 days, which I fully expect.

McCarran Airport is a ghost town. I see an occasional flight approaching the airport, but not the literal line of planes waiting to land that I usually see.

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I have a friend that owns a post production company that is going bankrupt because he can't fill any office space. His situation was tenuous three months ago when he lost a couple of tenants and now after nearly 20 years he is going to have to fire sale. 

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2 hours ago, Vegas Halo Fan said:

Here, the Governor has signed an executive order to prevent utilities from being shut off during the shutdown

I referred to this (I think in a different thread - they all look the same to me) earlier. Where did you see this? I have a couple of employees who are in a tight spot and would like to pass on the info.

Thanks.

 

EDIT: I know he said it would be "monitored", but have not seen anything about it being enacted. 

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Im gona guess the market for retail space is gona take a pretty big hit in the coming months, and beyond the outbreak. I think there is a fare chance that a lot of these businesses will be able to negotiate a small payment in leu of lapsed rent. It just seems far more practical to keep your current tenant than to kick them out and find another. A new tenant isn't going to pay what the previous tenant owes. 

Add I should add, a company like Cheesecake Factory would seem to have a lot of clout... publicly claiming they can't pay beyond two months rent makes for a pretty good excuse come month three. If you own that property are you really going to evict them and find someone else when things ramp up again?

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6 hours ago, AngelsLakersFan said:

I think there is a fare chance that a lot of these businesses will be able to negotiate a small payment in leu of lapsed rent. It just seems far more practical to keep your current tenant than to kick them out and find another. 

I've been going through this for the past 2 weeks. Our lease renewal is April 10th, and while a (temporarily) lowered  rent is enticing,  it's still a heavy burden -  one that appears we're not willing to make, considering all of the unknowns.

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6 hours ago, Tank said:

i wasn't completely focused on him at the time, but i thought i heard the mayor tonight say that people who miss rent/mortgage payments would/should be given up to 12 months to repay them.

Yes.  But if you were struggling to make $1200.  I'm sure bumping it to $1320, if you miss one months rent is going to work well.  And with the extended quarantine through April, that'll bump it up two months to $1440.  

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