Rent Strike 2020
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Rent Strike 2020 is an activist organization promoting widespread rent strikes during the 2020 coronavirus pandemic.[1][2]
Background
Many commercial tenants, notably retailers, have called the situation a "force majeure"[3] as rationale for voiding lease agreements, although landlords still have to make mortgage payments.[3] These include Cheesecake Factory,[4][5] Mattress Firm[6] and Subway[3] have refused to pay April 2020 rent due to the pandemic,[7] and resulting unemployment.[8][9] Concerns are that defaults will affect property portfolios owned indirectly by pension funds and insurance companies,[citation needed] and that defaulting tenants will lead to defaulting mortgagees, which will cause liquidity problems in the financial institutions.[citation needed]
Meanwhile, in some jurisdictions, domestic tenants have been given eviction protection, and domestic owner occupiers a mortgage holiday, on varying terms, if they are unable to pay due to the COVID-19 pandemic.[citation needed] In the UK all eviction proceedings have been suspended, and a three-month, extendable, moratorium on new proceedings imposed.[10] In addition household assistance of various forms has been made available to domestic tenants, and support for landlords has been extended via the banks.[10]
See also
References
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- ↑ https://www.bloomberg.com/news/articles/2020-03-24/u-s-retailers-plan-to-stop-paying-rent-to-offset-virus-closures?sref=C3P1bRLC
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External links
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