By Kerry Jackson
Did someone say that suspending the responsibilities for renters to make their payments due to the pandemic on time would create problems? Of course they did. And of course it has.
By the end of the year, Californians will owe as much as $1.7 billion in back rent, says a Federal Reserve Bank report. That’s nearly a fourth of every dollar of back rent owed rent nationwide.
That’s quite a sum, but the difficulties it creates for renters is only part of the story. What about the California property owners who are owed $1.7 billion. Will they ever get what’s rightfully theirs?