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West Sacramento Sun

New Report shows Property Owners Covering Delayed Rent Payments

Dec 04, 2020 12:00AM ● By Brooke Armour, California Business Roundtable

This New Report magnifies the Urgent Need to Provide Assistance "‹

SACRAMENTO,  CA (MPG) —Rob Lapsley, president of the California Business Roundtable, issued the following statement in response to a recent study by the Federal Reserve Bank of Philadelphia that shows an estimated 24,000 renters statewide are behind on their rent, totaling nearly $1.7 billion in missed rent payments since the pandemic began:

“The Federal Reserve study is clearly defining the economic sacrifices made by private property owners that have allowed renters to stay in their homes, helping to prevent homelessness—all with little to no support from the state or federal government. This new report magnifies the urgent need to provide assistance that gives relief to property owners and tenants affected by COVID-related economic hardships.

“At the same time, the Legislature’s short-term eviction protections are expiring early next year. We cannot afford to prolong the crisis for property owners and tenants, especially as the governor toggles counties between COVID-mitigation tiers and its related impacts on the workforce. We look forward to working with the governor and Legislature to jointly address financial support for housing and small business recovery immediately.”

The California Business Roundtable was one of the main proponents of AB 1482 (Chiu-Grayson), which enacted a balanced approach to modernizing the state’s rental housing laws to increase protections for tenants while also encouraging the construction of new affordable housing. The Roundtable also took a neutral position on AB 3088, the current rental housing eviction freeze set to expire on February 1, 2021.

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