Thursday, June 18, 2020

More London Breed Created Lockdown Economic Havoc: One in 13 San Francisco Renters Have Broken Their Lease

Lockdown artist London Breed
Some of the ramifications of the economic destruction as a result of the lockdown (not backed science) that was imposed in San Franciso by Mayor London Breed is beginning to emerge.

The San Francisco Chronicle reports:
One in 13 San Francisco renters have broken their lease since the coronavirus stay-home orders went into place nearly 100 days ago, an astonishing out-migration of tenants in the city that could lead to thousands of empty rental units and give renters the upper hand in negotiations.

When measures to fight the coronavirus severely curtailed economic activity nearly 100 days ago, San Francisco landlords were fearful that widespread layoffs and income lost because of the pandemic would result in a wave of residential tenants unable to pay rent.

While that has not happened — only 3% of San Francisco tenants paid no rent in June, and another 2.5% paid partial rent — landlords are instead dealing with an unexpected problem: Rather than not paying, tenants are walking away from leases.

A new survey from the San Francisco Apartment Association found that 7.5% of renters have broken their lease over the last three months...

“We don’t have a baseline to compare it to, but I think it’s shockingly high,” said Charley Goss, the association’s policy director. “A pretty substantial group of people are leaving.”
It is particularly nutty to impose a lockdown on a city that is a tourist destination.

What is the mayor going to do, ban tourists until she "feels safe" she won't catch COVID-19 (she certainly isn't following science)?


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