Yeah, I wish the landlord all the best trying to collect rent from me in court. Let’s just say there are some classic "time tested" ways to help him reconsider that idea.
My friends apartment building caught on fire on his floor, and it was not even his appointment that caught on fire. The landlords paid for his hotel room while they made repaired and provided meals. He was at the hotel for about a month with his dogs. They did that for everyone in the apartment.
A+ insurance right there! My mom's condo had a fire and insurance paid for us to be in a hotel like that too. So your landlord didn't have to pay for the temporary displacement of their residents. Glad they were taken good care of.
A 3 story condo next me me totally burned up due to a halogen room lamp catching a drape on fire. The fire was so intense I was about 50 yards away and you had to shield your face from the heat. Incredible the amount of burn the FD had to just wait until it burned out.
Supposedly but the people that signed a lease contract can't get out of it. Best advice lawyer up. I don't believe apartment owners are that generous to let you off the hook.
For large apartment buildings, most landlords have business interruption insurance to cover the loss of rental income for a certain amount of time, such as 12 or 24 months, after the property is damaged.
Actually if you read your American history and past newspapers loss and disasters are nothing new. What we are really experiencing is what happens when people ignore the hazards,environment,etc. and don’t prepare. Many left California because of potential fire hazard. I actually have a neighbor in Oklahoma who left Santa Clarita because Santa Anna winds and seasonal fires in the valley. Even when Michael was doing his videos last year walking through California neighborhoods you can clearly see all the dry brush and unkept forest everywhere.
A key factor often overlooked is that over 25% of new homes are being acquired by investors, rather than individuals seeking primary residences. Even if Baby Boomers decide to offload their properties or more housing stock enters the market, it won't alleviate the underlying issue. Wealthy investors will continue to absorb the available inventory, which will keep home prices elevated.
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What if you had just bought the house no less than one or two years ago or trying to you know what I’m saying you’re two years into a 30 year mortgage at that point the banks loses right because the bank close the money for the mortgage you’re trying to pay it off so at that point someone like you live in an apartment for two years
@@user-vi5vd3ty9d Why should anybody pay for an apartment space that is not habitable? What are they going to do? Sell the ashes of the tenant's stuff? Evict the poor tenant? Too late for that.
Well yes, but you have to prove in court how these non fixes were detrimental to your life or mental well being, losing employment, or lack of prosperity. Civil is very particular about cause and effect and if people in a bad situation can figure out remedies.
. . . viewing the $4.7m Palisades Fire burnt down mansions and seeing only unused brick fireplaces left standing, I ask "What are they building these mansions out of!?"
I knew of fires and those Santa Anna winds since the early 90s when I lived in Santa Clarita. Was hearing about fires back then thinking to myself if I was a multimillionaire like those rich people I would build concrete stucco home with steel rooftop on clear landscaped with ice plants growing as firebreak and whatnot. Not close to neighbors with matchstick houses.
This comment is from someone who has never experienced a fire and what it's capable of. I have. These fires get so hot and intense very few things can withstand them. In one large home, for example, that was burnt to the ground, I was standing in what was once the kitchen. There was a small blob of melted metal on the concrete slab that was determined to have once been a refrigerator. If you haven't been there you probably don't get it.
99% of all homes in California are wood and stucco, even the multi million dollar homes are built this way. If you don't want your house to burn down, concrete exterior walls and a steel/metal roof are the way to go.
If the rental unit is completely destroyed, the rental agreement typically becomes void. You are no longer required to pay rent, and your landlord must return your security deposit. This applies under California law and similar regulations in other jurisdictions. If the rental unit is partially destroyed but still livable, you must continue to pay rent. However, you should contact your landlord to request urgent repairs. If the landlord does not make repairs quickly, you have several options, including seeking legal advice. If the rental unit is partially destroyed and cannot be lived in, you can choose to end your rental agreement or wait for your landlord to make the necessary repairs. You will not have to pay rent while waiting for repairs, unless you move back into the unit. In all cases, it is advisable to review your lease agreement and seek legal advice if necessary.
No, because it is a contract if you look at the fine print, the owner will say you caused it somehow someway and you are responsible for the damages and for the rent but for the lawyers fees also
Michael, there is no landlord going to let you move in for 2 to 3 months till repairs are completed. They have a normal lease just like any other landlord will have and they will require at least a one to two year lease. Which means you can't move out of that apartment when the repairs are completed on your initial damaged apartment. It is a catch 22 situation which you as the renter have absolutely no control over. I experienced this issue first hand many years ago and the landlord of my damaged apartment was an asshole and demanded I pay the remainder of the full years rent or lose my security deposit and then he turned around and hit my credit report. Which he did so I eventually had to take him to court and sue his ass. I won and the court made him pay me $25k and ordered him to remove the hit on my credit report. Took me 5 years to get that mess handled and during the 5 years I had to run around with crap credit. $25k was not enough money for all the trouble I went through. Should have been at least $100k at a minimum.
there are plenty of places that specialize for short-term leases under a year, sometimes they're called "extended stay". We had a fire in our house and the insurance co put us up in one of those places for about 3 months. Everybody in that complex were people like visiting professors or people in town for business, they come and go. It was a very strange place to live, we were glad to get back home.
A mortgaged home is a totally different issue than a rented/leased abode. In the case of a mortgaged property, the property is owned, and the owner has borrowed capital against the value of the property. The owner is obligated to insure the property as long as there is a mortgage lien in place.
Plus, you still owe your mortgage to the lenders in the event of structure burning down. It's NOT the same as a rental, which does NOT involve your borrowing a bundle of $$$ which you still have to pay back.
I drove down Winchester Parkway today( rte 79) in area just west of diamond valley lake(SoCal IE region, SW Riverside county). There is big huge mega new housing development along Dominguez parkway which starts just west of rte 79. It is 3 miles long by one mile wide. Among the builders are Tripoint Lennar Taylor morrison, dr horton but there are multiple others. This area is a wide open area of low brown rolling hills( all empty land)btwn Hemet to the north & east, Temecula/Murrieta to the south and menifee to the west. It may be all unincorporated spaces and developers have ample open land to build new homes to infinity here. Never seen such a massive new housing mega-tract(s) like this all my trips thru SoCal/IE region. There may be 1000's and 1000's of new homes either just completed, in process of completion, or new plots being graded. Prices were advertised starting in the mid-400,000's. Area is barren of any shrubs or trees so may be OK for fire danger. Nearby Temecula/Menifee offer quality shopping areas with decent recreational parks I never shill for housing developments and this is just a quick overview. This I believe just adds to the IE housing supply of new builds so may offer some relief to the current high housing prices in SoCal in 2025 going forward
Texas insurance has also skyrocketed too by 3x!!! Hurricane zone definitely not any safer from insurance increases that also affects our car insurances too.
It's sad for the renters who lost everything. My old apartment in the Palisades did burn down. I moved away 20 years ago. It is tragic for the tenants and their possessions, but that building was 40 years old and had mold. It was one of only about 4 apartment buildings in the whole Palisades, half a block from the ocean.
In Scandinavia - in case of fire, flooding, faulty plumming or mould - the landlord must provide you with a temporary place to rent (and he will take the loss if the rent of the new place exceeds the amount of your current rent) until you can move back (rent unchanged!). We have something called Renters' Union and if the landlord does not agree with above the RU will take him to the Housing Court - and win!
My mom was Scandinavian and I grew up with a bunch of them and Germans who came over to America in the 1800's. It sounded like they had valid reasons for wanting to leave. Now all these years later it seems you have more humanity than us. What happened, did you change or did we change?
@@mrwilliamwonderSweden became immensely wealthy selling arms through the world wars, Norway struck oil effectively making everyone a millionaire, and Denmark I think like Norway made their money on shipping
My brother lost his house and rental house in Altadena. State Farm pays him 1 years worth of what he was charging. He doesn't expect his renters to pay as they lost everything as well.
My friends apartment building caught on fire on his floor, and it was not even his apartment that caught on fire. The landlords paid for his hotel room while they made repaired and provided meals. He was at the hotel for about a month with his dogs. They did that for everyone in the apartment.
@@ryandixon1102 You would be in the wrong, no matter what the "law" says. What tenant with half a mind, is going to pay rent for an apartment that he can not enter, or fear eviction from a place that is not habitable? Is he afraid that you will sell the ashes of his stuff? If you want for a tenant to pay rent, then hadn't you have some good insurance that at least puts them into a hotel until the place can be rebuilt? Or help them move into your other largely-vacant properties? I would not have the heart to squeeze tenants for rent, who are suddenly homeless due to no fault of their own, who paid their rent always on time. What exactly are they "renting"? A stay at their parent's place, who weren't even read to have additional family members in the home?
@@ryandixon1102Of course you vultures would suck money you do not deserve out of a tenant. I know your type, that’s why you lords of the land are never going to see a penny from me because I choose to live in my very nice truck camper for free and stash away all the money of mine you greedy landlords will never get your greedy paws on. I hope more will do the same as I do.
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Actually, in most states if not all, there us a provision the owner must pay for housing (ie a hotel, etc) for the tenant if they're displaced. I was in a house fire due to the landlord improperly storing flammable materials and before that cause was even discovered we were placed in a hotel immediately.
Thank you, no one wants to realize that they can make more and annual property tax fees and transfer fees with those large sales as opposed to little building the little homes and the little parcels,,, They’re only approving these units which have underground parking retail on the first floor and renters on the above that usually 2 to 6 floors high and hundreds of units on each floor that’s the purpose is to keep working by building these modern department building so they can kick you out in a days notice with electronic clocks and cameras
The reason Miami is in terrible shape is there really is no stopping hurricanes unfortunately. LA was left utterly compromised in this situation but it’s pretty simple, clear the brush, have more water and trees. There’s no amount of human influence that’s really going to do much about a hurricane though. Also investing in grazing animals. There’s a lot of solutions and it’s crazy this happened when it’s avoidable. Hurricanes are too powerful
if a place is not inhabitable then you don't have to pay rent. You pay rent for a place to live and if they can't hold up their part of the contract then you don't have to pay rent.
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I feel for anyone who lost their home. Homes are so expensive & Our country has NO SYSTEM if someone loses their home.. Two things can be true, it was an extreme weather event but it's also true that the cities systems was so poorly prepared to handle anything. Fire is the biggest threat in that area so I don't know how Los Angeles didn't utilize their resources in a way more intelligent way.. The city had to prepare for stuff like this. I Hope we will see them build extensive water pumping systems. They could Install water spraying systems onto the individual houses. They could install remote controlled valves so they could control the water pressure. They need to build systems that redirect & collect any rain water that they receive, rather than dumping it back out into the ocean. We need to adapt our systems so they work cohesively with our ecosystem. We should build Desalination plants & We definitely should bring the Beaver's back. Honestly, how are people supposed to recover from a Disaster event such as this? We are seeing insurance companies fail us, we are seeing our government fail us. Most people are struggling to afford basic living. Our country is completely unable to handle this kind of stuff. Our country is failing these people. How does our country expect people to rebuild a second house when affording the first house was already a life long achievement.. How can our country keep functioning like this? Our country is in complete denial about the impacts of these disasters. How will our systems continue to function? We have to adapt. We have to.
The only thing can save America is putting the dollar back on the gold standard . Which will bring the prices of things down and inflation oation will be zero. 23 states are ready to do that but none of them are liberal Democrat . You all voted for this and refused to stop the bs. Now clean up and move on
You can either be coddled or you can have the chance to do roughly what you want. The two do not go together unless you're the type to seek out an overbearing mother figure.
The biggest question is is where are they going to find all the Carpenters to rebuild all these houses at once.... Nobody wants to work on the trades anymore.
That’s a silly question we have 10,000 guys coming across the border a day and we have hundred to every Home Depot and we have hundreds of Home Depot,, they’re gonna be built cheaply with inexperience labor, so the builders can make a quick back. The city can make their quick back. The homeowner will be stuck with repairs and faults. After the fact just like the TH-camr sci-fi his home inspections.
Depends on what the contract says. You would have to take them to court if they want you to keep paying rent and the property has been destroyed. Most good landlords would just let you walk considering the circumstances because they don't want to waste time in court.
A good landlord that went out the window about a decade ago OK that was what this country was built on was good landers but now we have investors we have house flippers and we have people that are cutthroat. They don’t care who you are. They gonna kick you out after one month of no rent Because there’s hundreds of applicants. Forever unit just like a job
Great video Michael Bordenaro! Very informative. I was watching a video yesterday with a Los Angeles County property tax assessor & basically what he said was --- the bulk of the value of many of these LA County real estate/homes that burned is in the land, although the homes are also valuable. He said -- property taxes for a burned down home will be reassessed, the value of the house will be valued at zero 0.00 dollars & the land will then be valued and used for calculating the taxable value & property taxes. He said, even though a home has burned down, people still have to pay their mortgage payments to the bank & they still have to pay property taxes on the land!! The USA is an insanely expensive country to live in & the tricks of the financial industry just keep getting trickier!!!!!
You know I never ever thought of what you just said because I’m always thinking that the state wants their eyes on everyone’s land and property,,, But you are correct they’re trying to control your free wheel and your free desire and trying to big brother us
The government needs to make it impossible to build in the hills of fire hazard!! California's are at a new extreme threshold for their future of building in fire zones !!! A very extreme and hard decision to be made, now their lives are at stake ,
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Insurance industry is in crisis. Homeownership will decline even more. Corporations will own even more residential housing units. "You will own nothing....
AS A RETIRED LANDLORD,I SAY UNTO YOU.,YOU RENTERS WHO DAMAGE PROPERTY AND HARASS OWNERS IS ABOUT OVER. RENT AND REBUILD IS OVER.TRIPPLE THE RENT AND TURN APTS INTO STORAGE BLDINGS. .WHOLE LOT CHEAPER AND LESS BS.
If someone thinks I'm gonna pay rent,when my apartment is burnt to the ground,is beyond crazy.Who in their right mind would think you would have to pay rent?????? This fire mess is going to take years and years and years to even get back to semi normal state.I'm gonna say I'm out of there. And you know it's gonna happen again.
I have renters insurance not sure what help it will be but the insurance lady insisted that you should always have renters insurance. I got it mainly to cover for another place to live if this place burns to the ground.
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All property is owned by the State, you are merely a tenant in common, or a joint tenancy!! You have a possessory interest. If the place burns down the State is the Trustee and on the hook for any rents, mortgages etc.
The cost of most of this is all will be paid for by every one in the US as all the insurance companies will put up the premiums for everyone who insurers anything the country.
And that is the sad truth. Everyone is this country will experience an insurance increase to subsidize this horrific disaster. It feels like us middle class Americans can never get a break and have a chance of living a comfortable life.
I had to stay in my rental. There were three units. The one on the first floor was damaged because the fire started there. The third floor received extensive smoke damage because they left the door open. My second floor unit was untouched because I didn’t. I rented somewhere else, but was told I was still on the hook for the rent because the building was deemed livable. I had to stay and get used to the smoke smell.
Do a little homework, send them pictures of the damaged lower levels and cite the habitability clauses that are applicable. If the structure is even remotely unsafe, you have a strong defense.
@@jeremiahdonaldson1678 Good luck trying to collect. Your attorney will want at Minimum $5,000 to $10,000 as a retainer. Cost can easily go to $20,000. I'm in Chicago, a Big Blue state where the courts hate Landlords. I've been to court many times chasing Deadbeat Renters. Even when I Win I Lose.
URGENT response/comment needed after reading.. I empathize for anyone that goes thru any disaster. The community helping each other is a blessing to see. That said why should I pay (in higher taxes) for others that live in disaster prone areas. Wait, not prone to but in areas that WILL have natural disasters regularly as proven by history. Hurricanes in Fla, Hurricanes in Louisiana and wildfires in California. Im sure there are more. One of the main reasons I chose to live where I do is its safer and less prone to natural disasters even things like crime and etc. Americans have decided not to be responsible or culpable for their decisions. Im seeing it more and more in my daily life and if someone can explain why that is i would be most grateful..
It truly is a sad state of affairs for us hard working middle class Americans who now will have to pay extra for insurance and subsidize the unfortunate folks who lost everything in a area that you mentioned is known for these type of disasters yet they chose to take the chance and live in the area destroyed by the fires. It's like we will never have a chance to live comfortably and enjoy the American dream regardless where we live in this country. I completely agree with you. More importantly I pray for the folks who lost everything in CA. I feel sick for their unbearable pain.
Sue them for damages and trauma. Have their insurance pay for your lose. Now if you are the owner , different kind of fight. Insurance companies don't make it easy to get reimbursed
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The insurance industry is an absolute fraud !! Making their own rules and regulations ! If you file a claim, then they have to pay ! That is what insurance was designed to be ! All citizens should file a lawsuit against the insurance industry if denied by any and all insurance companies ! To the state attorney office of consumers affairs!!
It's not fair to the elderly who can't afford to leave or don't have the energy or ability to do so, like my Grandma. We live in Northern California. Losing insurance would literally ruin our lives.
Years ago I was renting a 2nd floor apartment above community laundry room. Property maintenance never cleaned/maintained laundry room dryer vents (flammable lint buildup). Fire started and climbed up to my 2nd floor. Fire department got there in 1.5 minutes. Still apartment was destroyed. I was not “on the hook” for rent payments afterwards.
@Scodura1 I'm in Monument. My rent is lot rent. It was $550 for years & is now $700. It's probably the cheapest I can get up north. It's still a lot for an RV, though. I'm trying to save up to buy a house in a part of Colorado Springs that's cheaper (a small house is ok). I could never save up paying what rent is everywhere ($1200+)!! It's very tough because I got laid off in November. All my savings are gone now. So, hopefully I soon get this good paying job I'm interviewing for! Life is tough!!
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My insurance company in California sent me a letter explaining how they determine fire risk. They use a state wide map, developed by CAL FIRE, that shows every part of the state and assigns a fire risk profile to each. I went up on line and viewed this map. I didn't look at the Palisades area specifically, but you can bet that CAL FIRE had a "very high" risk profile for that area. I live in Northern California and looked at my area and surrounding areas. I thought their assessment, and assigned risk profile for each property was accurate. In the past we too have been through some massive fires in our area. Many people who live in these areas don't think twice about fire exposure. There are still tens of thousands of homes located in densely forested locations. Can you blame the insurance companies for refusing to insure after the previous devastation they had to cover? Lots to consider.
Stop all offers for 3 months? So the 15 minute city builders can scoop in as the only option when those that want to sell are more desperate to get out?
In LA city districts we have rent control of a 3.5% annual rent hike. Several districts that are non LA city, like Burbank for example, are not rent controlled and rent can increase. The 10% price gouging, from what I understand, only apply to homes that were available for rent. If the rent on the market was $3k/month the land lord can only increase that market price to $3,300. Any more is price gouging.
CA just passed rental protections starting in Jan 2025, can’t raise rent beyond consumer price index and landlord has to provide monetary moving assistance if the the landlord has 4 or more units in same rental area
Get the government to quit printing money. It is just that simple. Did you ever play monoply? If you took away half of the money the price of everything would go down.
In our area, if a rented space is not livable, the landlord has to provide temporary housing. Have not heard if the landlord can continue to charge rent to help offset the cost of the alternative he is providing.
Living in France right now. It is mandatory that you have renters insurance. You cannot finalize your lease until you show proof. You can obtain the insurance right through your bank for less than €20 a month. It is very regulated. Lastly, so happy I sold my country home in Colorado last year. Insurance companies nationwide will increase rates because of this disaster.
Before landing on my home, I made a practice of using my deposit for my last months rent. Though, I’m sure there’s a penalty of some kind now, credit dings etc. I must’ve done that 6 or 7 times.
Insurance companies collected money from their subscribers for years. They were supposed to place a good portion of that money into a fund to pay for damages. However the premium became entirely profit and not they cry fake years that they can't repay their subscribers.
There needs to be some in depth, serious federal oversight in housing market in general. It's absolutely nuts. So much unruly rules, laws, this and that.
Even having insurance, this will take time to recover. I hope these victims gather up, and sue the s**** of those California government. This clearly is not a nature thing.
In California, under AB1482, a landlord cannot raise rent more than 5%+CPI for the area or 10% whichever is less every 12 months. The executive order applies to the rent for new tenants, not continuing tenants. In general, and especially in liberal states such as California, the landlord will probably eat the loss from a tenant breaking a lease because the landlord must file a claim in court, usually small claims court, to make the tenant pay. If the tenant moves out, the landlord will have to know where the tenant is to serve them, and if the tenant stays and does not pay, the landlord will have to evict the tenant which nullifies the lease. If the tenant is educated and relatively well off, they will probably fight the claim with pictures, witnesses, and testimonials and the landlord will probably lose. On the other hand, a poor tenant will disappear and has no money to collect if the landlord wins the case. In general, the landlord will, if h/she follows the law, evict the tenant, clean up the problem, and rent out the unit with no compensation for the lost rent.
if you have renters insurance even on an apartment complex you should be fine. and do not have to pay rent any their month after. only the month of in which the apartment burned.
If rental is partially damaged (in the LA area), i would still rent there because 1) rent is going up if I move it else where in LA, I would end up paying more for less. 2) unlikely finding any rentals in the next year due to high demands and low supplies in the LA area. Maybe if it's too damaged and jobs is not a problem, then consider moving to Norcal or out of state.
Nope. Tenants are only on the hook for fire damage if they caused the damage. Please don't misrepresent this because there are lots of tenants that will be scammed by their landlords in a crisis. Please people the only damage a tenant is responsible for is the damage they caused. When we had tornado winds from bad storms last year, our landlord tried to make us responsible for damage caused by the storm, immediately after the storm when a portion of the property became a safety issue. The foreign investment company which owned the house wanted us to pay for the fence and landscaping destroyed by the storm which had caused thousands of dollars in damage. Fortunately, as a prior homeowner and tenant, I am well versed on real estate laws pertaining to tenant rights in my state because 9 out of 10 landlords scam or attempt to scam tenants here in Texas. And California has more tenant rights than we do here in Texas. Texas is paradise for a landlord. At any rate I was willing to take the landlord to court if necessary, however they realized "oopsie" within 24 hrs, that it was their responsibility afterall.
@@llew-AZ Technically, no, cause Cali folks don’t cost us billions in freebies and they’re already here … unfortunately. It would have been economically a big plus if we could have kept them out starting in 2020.
Thank God i paid off my mortgage a few months ago and now if insurance company messes with me , i will go without insurance and save the premiums for emergencies . America is finished , welcome to Banana Republic of America . Homeless people are increasing , Banks , Government and Insurance companies are always the winners and people are losers . Taxation without representation and yet no decent fire department to control the fire in LA .
What Happens To Your Property Taxes and Mortgage When Your House Burns Down? th-cam.com/video/xEIRWWO181c/w-d-xo.html
Yeah, I wish the landlord all the best trying to collect rent from me in court. Let’s just say there are some classic "time tested" ways to help him reconsider that idea.
noone give a F about rich people.
My friends apartment building caught on fire on his floor, and it was not even his appointment that caught on fire. The landlords paid for his hotel room while they made repaired and provided meals. He was at the hotel for about a month with his dogs. They did that for everyone in the apartment.
A+ insurance right there! My mom's condo had a fire and insurance paid for us to be in a hotel like that too. So your landlord didn't have to pay for the temporary displacement of their residents. Glad they were taken good care of.
They must’ve had a very good insurance company because that is unheard of nowadays in the past yes but nowadays, it’s cutthroat
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A 3 story condo next me me totally burned up due to a halogen room lamp catching a drape on fire.
The fire was so intense I was about 50 yards away and you had to shield your face from the heat.
Incredible the amount of burn the FD had to just wait until it burned out.
because they HAD to. by decree
No roof over your head, no rent!
Supposedly but the people that signed a lease contract can't get out of it.
Best advice lawyer up.
I don't believe apartment owners are that generous to let you off the hook.
@@joshuaturnage5243it depends entirely on what the lease agreement states.
A similar thing happen to me and I never paid them another dime. Who the F would ?
For large apartment buildings, most landlords have business interruption insurance to cover the loss of rental income for a certain amount of time, such as 12 or 24 months, after the property is damaged.
That’s why I *CARRY MY HOME ON MY BACK* - Top of the day to ya.
Can you imagine trying to find a contractor to begin repairs that is not booked for the next two years already?
The only winners here are the contractors and real estate agents.
@@shadowbotz4293 Corporations as well. The land grab will be crazy. I truly think these disasters are intentional. Same in Lahaina.
We Americans are now experiencing what most of the world has always experienced 😢 material loss and disasters.
Actually if you read your American history and past newspapers loss and disasters are nothing new.
What we are really experiencing is what happens when people ignore the hazards,environment,etc. and don’t prepare.
Many left California because of potential fire hazard. I actually have a neighbor in Oklahoma who left Santa Clarita because Santa Anna winds and seasonal fires in the valley.
Even when Michael was doing his videos last year walking through California neighborhoods you can clearly see all the dry brush and unkept forest everywhere.
A key factor often overlooked is that over 25% of new homes are being acquired by investors, rather than individuals seeking primary residences. Even if Baby Boomers decide to offload their properties or more housing stock enters the market, it won't alleviate the underlying issue. Wealthy investors will continue to absorb the available inventory, which will keep home prices elevated.
There's also a lack of discussion about the role that major financial institutions-banks, private equity firms, and giants like BlackRock-played by purchasing properties post-2008, treating them as investment assets. It's impossible to fully understand the current housing crisis without acknowledging this trend. Additionally, larger luxury properties are inherently more profitable than smaller, more affordable homes, leading developers to prioritize luxury developments for higher returns.
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If you aren't occupying the space that you pay to occupy because of unlisted reasons, you aren't required to pay lease of said space.
What if you had just bought the house no less than one or two years ago or trying to you know what I’m saying you’re two years into a 30 year mortgage at that point the banks loses right because the bank close the money for the mortgage you’re trying to pay it off so at that point someone like you live in an apartment for two years
Not True, You are responsible for the lease you signed unless the landlord gives you a release.
Sure. See how long before that gets you kicked out of a place.
Nope, you can sue them for not fixing your apartment in a timely manner.
Another internet lawyer
@@user-vi5vd3ty9d Yep, as backed up as contractors are gonna be lol..
@@user-vi5vd3ty9d
Why should anybody pay for an apartment space that is not habitable? What are they going to do? Sell the ashes of the tenant's stuff? Evict the poor tenant? Too late for that.
@@yosefmacgruber1920 I never said anyone should pay. I said we have another internet attorney.
Well yes, but you have to prove in court how these non fixes were detrimental to your life or mental well being, losing employment, or lack of prosperity.
Civil is very particular about cause and effect and if people in a bad situation can figure out remedies.
. . . viewing the $4.7m Palisades Fire burnt down mansions and seeing only unused brick fireplaces left standing, I ask "What are they building these mansions out of!?"
The people buying mansions that are millionaires typically dont know how to determine if their house is fit for the geographic region they live in.
Tells me bricks are the way to go. They survive flooding as well
I knew of fires and those Santa Anna winds since the early 90s when I lived in Santa Clarita.
Was hearing about fires back then thinking to myself if I was a multimillionaire like those rich people I would build concrete stucco home with steel rooftop on clear landscaped with ice plants growing as firebreak and whatnot. Not close to neighbors with matchstick houses.
This comment is from someone who has never experienced a fire and what it's capable of. I have. These fires get so hot and intense very few things can withstand them. In one large home, for example, that was burnt to the ground, I was standing in what was once the kitchen. There was a small blob of melted metal on the concrete slab that was determined to have once been a refrigerator. If you haven't been there you probably don't get it.
99% of all homes in California are wood and stucco, even the multi million dollar homes are built this way. If you don't want your house to burn down, concrete exterior walls and a steel/metal roof are the way to go.
If the rental unit is completely destroyed, the rental agreement typically becomes void. You are no longer required to pay rent, and your landlord must return your security deposit. This applies under California law and similar regulations in other jurisdictions.
If the rental unit is partially destroyed but still livable, you must continue to pay rent. However, you should contact your landlord to request urgent repairs. If the landlord does not make repairs quickly, you have several options, including seeking legal advice.
If the rental unit is partially destroyed and cannot be lived in, you can choose to end your rental agreement or wait for your landlord to make the necessary repairs. You will not have to pay rent while waiting for repairs, unless you move back into the unit.
In all cases, it is advisable to review your lease agreement and seek legal advice if necessary.
Bump
That seems reasonable to me.
No, because it is a contract if you look at the fine print, the owner will say you caused it somehow someway and you are responsible for the damages and for the rent but for the lawyers fees also
@ And you are wrong They also have to prove it. Fire Inspector determines the cause.
Thank you to our host for this beautiful walk around outdoor tour. Good topic and content. Interesting question
Michael, there is no landlord going to let you move in for 2 to 3 months till repairs are completed. They have a normal lease just like any other landlord will have and they will require at least a one to two year lease. Which means you can't move out of that apartment when the repairs are completed on your initial damaged apartment. It is a catch 22 situation which you as the renter have absolutely no control over. I experienced this issue first hand many years ago and the landlord of my damaged apartment was an asshole and demanded I pay the remainder of the full years rent or lose my security deposit and then he turned around and hit my credit report. Which he did so I eventually had to take him to court and sue his ass. I won and the court made him pay me $25k and ordered him to remove the hit on my credit report. Took me 5 years to get that mess handled and during the 5 years I had to run around with crap credit. $25k was not enough money for all the trouble I went through. Should have been at least $100k at a minimum.
there are plenty of places that specialize for short-term leases under a year, sometimes they're called "extended stay". We had a fire in our house and the insurance co put us up in one of those places for about 3 months. Everybody in that complex were people like visiting professors or people in town for business, they come and go. It was a very strange place to live, we were glad to get back home.
A mortgaged home is a totally different issue than a rented/leased abode. In the case of a mortgaged property, the property is owned, and the owner has borrowed capital against the value of the property. The owner is obligated to insure the property as long as there is a mortgage lien in place.
Thank you people are mixing up the two on this site and I’m drinking and I’m starting to also but thank you
Absolutely it's the law !!
Plus, you still owe your mortgage to the lenders in the event of structure burning down. It's NOT the same as a rental, which does NOT involve your borrowing a bundle of $$$ which you still have to pay back.
I drove down Winchester Parkway today( rte 79) in area just west of diamond valley lake(SoCal IE region, SW Riverside county). There is big huge mega new housing development
along Dominguez parkway which starts just west of rte 79. It is 3 miles long by one mile wide. Among the builders are Tripoint
Lennar Taylor morrison, dr horton but there are multiple others. This area is a wide open area of low brown rolling hills( all empty land)btwn Hemet to the north
& east, Temecula/Murrieta to the south and menifee to the west. It may be all unincorporated spaces and developers have ample open land
to build new homes to infinity here. Never seen such a massive new housing mega-tract(s) like this all my trips thru SoCal/IE region.
There may be 1000's and 1000's of new homes either just completed, in process of completion, or new plots being graded.
Prices were advertised starting in the mid-400,000's.
Area is barren of any shrubs or trees so may be OK for fire danger. Nearby Temecula/Menifee offer quality shopping areas
with decent recreational parks
I never shill for housing developments and this is just a quick overview. This I believe just adds to the IE housing supply of new builds
so may offer some relief to the current high housing prices in SoCal in 2025 going forward
Texas insurance has also skyrocketed too by 3x!!! Hurricane zone definitely not any safer from insurance increases that also affects our car insurances too.
How did the insurance companies see this tragedy but the ones in charge didn't? It's criminal in my opinion.
Because the insurance company underwriters are ten times as smart as the government officials.
It's sad for the renters who lost everything. My old apartment in the Palisades did burn down. I moved away 20 years ago. It is tragic for the tenants and their possessions, but that building was 40 years old and had mold. It was one of only about 4 apartment buildings in the whole Palisades, half a block from the ocean.
In Scandinavia - in case of fire, flooding, faulty plumming or mould - the landlord must provide you with a temporary place to rent (and he will take the loss if the rent of the new place exceeds the amount of your current rent) until you can move back (rent unchanged!). We have something called Renters' Union and if the landlord does not agree with above the RU will take him to the Housing Court - and win!
This ain't Scandinavia . The apartment burned down it's time to move
In America, that’s how dirty landlords get rid of on his tenants or naïve tenants
My mom was Scandinavian and I grew up with a bunch of them and Germans who came over to America in the 1800's. It sounded like they had valid reasons for wanting to leave. Now all these years later it seems you have more humanity than us. What happened, did you change or did we change?
It's the same in British Columbia.
@@mrwilliamwonderSweden became immensely wealthy selling arms through the world wars, Norway struck oil effectively making everyone a millionaire, and Denmark I think like Norway made their money on shipping
My brother lost his house and rental house in Altadena. State Farm pays him 1 years worth of what he was charging. He doesn't expect his renters to pay as they lost everything as well.
My friends apartment building caught on fire on his floor, and it was not even his apartment that caught on fire. The landlords paid for his hotel room while they made repaired and provided meals. He was at the hotel for about a month with his dogs. They did that for everyone in the apartment.
We read your comment the first time you posted it on this thread.
Most leases language says if the property is uninhabitable AND/OR the building is unsafe - the Tenant is no longer obligated.
Who the heck Landlord is actually gonna take the shit to court amid all this chaos?? yeah freaking right.
I’m a landlord. I would if it was a cognizable and actionable case
ALOT would
@@ryandixon1102
You would be in the wrong, no matter what the "law" says. What tenant with half a mind, is going to pay rent for an apartment that he can not enter, or fear eviction from a place that is not habitable? Is he afraid that you will sell the ashes of his stuff?
If you want for a tenant to pay rent, then hadn't you have some good insurance that at least puts them into a hotel until the place can be rebuilt? Or help them move into your other largely-vacant properties?
I would not have the heart to squeeze tenants for rent, who are suddenly homeless due to no fault of their own, who paid their rent always on time. What exactly are they "renting"? A stay at their parent's place, who weren't even read to have additional family members in the home?
@@ryandixon1102Of course you vultures would suck money you do not deserve out of a tenant. I know your type, that’s why you lords of the land are never going to see a penny from me because I choose to live in my very nice truck camper for free and stash away all the money of mine you greedy landlords will never get your greedy paws on. I hope more will do the same as I do.
@@yosefmacgruber1920 The time for all those questions is before you sign the contract, not after.
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In 1953, Ray Bradbury wrote 'Fahrenheit 451,' where individuals could anonymously report their neighbors to the fire department for exercising free speech. The fire department would then arrive to set the house on fire, targeting books, which were forbidden.
Regrettably, like many apocalyptic science fiction stories, this scenario has become reality.
Actually, in most states if not all, there us a provision the owner must pay for housing (ie a hotel, etc) for the tenant if they're displaced.
I was in a house fire due to the landlord improperly storing flammable materials and before that cause was even discovered we were placed in a hotel immediately.
That’s how it is in Pennsylvania
I am from Austria and enjoy watching your Videos. I am up to date what happens in the United States. Thank you.
In California the state is looking into condemning large tracks of burn't homes and then selling all that property to developers.
Says who????
Thank you, no one wants to realize that they can make more and annual property tax fees and transfer fees with those large sales as opposed to little building the little homes and the little parcels,,, They’re only approving these units which have underground parking retail on the first floor and renters on the above that usually 2 to 6 floors high and hundreds of units on each floor that’s the purpose is to keep working by building these modern department building so they can kick you out in a days notice with electronic clocks and cameras
Let these developers buy the land, but don't buy homes that are in a fire zone ,stick it to them for a change !!! Hahaha
Very logically can/ will happen🎉😮🎉
@@johnjaco5544 The governor, Rogan exposed it.
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The reason Miami is in terrible shape is there really is no stopping hurricanes unfortunately. LA was left utterly compromised in this situation but it’s pretty simple, clear the brush, have more water and trees. There’s no amount of human influence that’s really going to do much about a hurricane though. Also investing in grazing animals. There’s a lot of solutions and it’s crazy this happened when it’s avoidable. Hurricanes are too powerful
Can we imagine the courts and amount of litigation?
Simple consult with an attorney. There will be thousands of them that will be providing services both on the landlord side and the tenant side.
if a place is not inhabitable then you don't have to pay rent. You pay rent for a place to live and if they can't hold up their part of the contract then you don't have to pay rent.
In a rental you can call the city if you think it’s unlivable and they will come condemn it if it’s unlivable to there standards
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I feel for anyone who lost their home. Homes are so expensive & Our country has NO SYSTEM if someone loses their home.. Two things can be true, it was an extreme weather event but it's also true that the cities systems was so poorly prepared to handle anything. Fire is the biggest threat in that area so I don't know how Los Angeles didn't utilize their resources in a way more intelligent way.. The city had to prepare for stuff like this. I Hope we will see them build extensive water pumping systems. They could Install water spraying systems onto the individual houses. They could install remote controlled valves so they could control the water pressure. They need to build systems that redirect & collect any rain water that they receive, rather than dumping it back out into the ocean. We need to adapt our systems so they work cohesively with our ecosystem. We should build Desalination plants & We definitely should bring the Beaver's back.
Honestly, how are people supposed to recover from a Disaster event such as this? We are seeing insurance companies fail us, we are seeing our government fail us. Most people are struggling to afford basic living. Our country is completely unable to handle this kind of stuff. Our country is failing these people. How does our country expect people to rebuild a second house when affording the first house was already a life long achievement.. How can our country keep functioning like this? Our country is in complete denial about the impacts of these disasters. How will our systems continue to function? We have to adapt. We have to.
The only thing can save America is putting the dollar back on the gold standard . Which will bring the prices of things down and inflation oation will be zero. 23 states are ready to do that but none of them are liberal Democrat . You all voted for this and refused to stop the bs. Now clean up and move on
You make more sense to me because I like to drink
Anyone who builds again should be mentally evaluated!! They now know that they are living in a time bomb of fires! So sorry for their loss!!
IF ONLY THERE WERE OTHERS, WITH YOUR INTELLIGENCE 😊AMEN 👍 🙏 🙌 👏 😊
You can either be coddled or you can have the chance to do roughly what you want. The two do not go together unless you're the type to seek out an overbearing mother figure.
Thanks Mike
The biggest question is is where are they going to find all the Carpenters to rebuild all these houses at once.... Nobody wants to work on the trades anymore.
Out of state?
In addition, possible carpenters and tradesmen are getting deported.
Guatamala
@@Scodura1as long as they have a round trip ticket, come on with it
That’s a silly question we have 10,000 guys coming across the border a day and we have hundred to every Home Depot and we have hundreds of Home Depot,, they’re gonna be built cheaply with inexperience labor, so the builders can make a quick back. The city can make their quick back. The homeowner will be stuck with repairs and faults. After the fact just like the TH-camr sci-fi his home inspections.
My apartment burns down? Oh, I ain't paying 'em a Dodge Ram thing.
Good ! If they ask for any paperwork, tell them it was burned !!! Hahaha
Depends on what the contract says. You would have to take them to court if they want you to keep paying rent and the property has been destroyed. Most good landlords would just let you walk considering the circumstances because they don't want to waste time in court.
A good landlord that went out the window about a decade ago OK that was what this country was built on was good landers but now we have investors we have house flippers and we have people that are cutthroat. They don’t care who you are. They gonna kick you out after one month of no rent Because there’s hundreds of applicants. Forever unit just like a job
they need to build them fire proof if possible.
Great video Michael Bordenaro! Very informative. I was watching a video yesterday with a Los Angeles County property tax assessor & basically what he said was --- the bulk of the value of many of these LA County real estate/homes that burned is in the land, although the homes are also valuable. He said -- property taxes for a burned down home will be reassessed, the value of the house will be valued at zero 0.00 dollars & the land will then be valued and used for calculating the taxable value & property taxes. He said, even though a home has burned down, people still have to pay their mortgage payments to the bank & they still have to pay property taxes on the land!! The USA is an insanely expensive country to live in & the tricks of the financial industry just keep getting trickier!!!!!
Mortgage insurance, should be responsible for all costs !
Governor Newsom has no right to restrict investors from making an offer on homes in those zip codes. The home owner always has the right to say no.
Yes it’s govt interference yet again. And it’s only for 3 months. What a joke.
You know I never ever thought of what you just said because I’m always thinking that the state wants their eyes on everyone’s land and property,,, But you are correct they’re trying to control your free wheel and your free desire and trying to big brother us
He's doing that because they don't want private investors to get the jump on the land the government intends to grab and restrict.
The government needs to make it impossible to build in the hills of fire hazard!! California's are at a new extreme threshold for their future of building in fire zones !!! A very extreme and hard decision to be made, now their lives are at stake ,
Considering the crooked governor that let this scenario unfold, I know you are right!
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Insurance industry is in crisis. Homeownership will decline even more. Corporations will own even more residential housing units. "You will own nothing....
AS A RETIRED LANDLORD,I SAY UNTO YOU.,YOU RENTERS WHO DAMAGE PROPERTY AND HARASS OWNERS IS ABOUT OVER. RENT AND REBUILD IS OVER.TRIPPLE THE RENT AND TURN APTS INTO STORAGE BLDINGS. .WHOLE LOT CHEAPER AND LESS BS.
That's why I rent, I can get the f#&k out of dodge anytime.
Me too. I like to be able to move around should I encounter bad neighbors, slow or no repair history, etc
The motto of a fugitive on the lamb is be ready to leave town in five minutes with your car loaded
If someone thinks I'm gonna pay rent,when my apartment is burnt to the ground,is beyond crazy.Who in their right mind would think you would have to pay rent?????? This fire mess is going to take years and years and years to even get back to semi normal state.I'm gonna say I'm out of there. And you know it's gonna happen again.
Too depressing.
I have renters insurance not sure what help it will be but the insurance lady insisted that you should always have renters insurance. I got it mainly to cover for another place to live if this place burns to the ground.
I also have rental insurance for anything destroyed of mine in the apt
What a fantastic video! Thank you for always bringing such entertaining content.
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All property is owned by the State, you are merely a tenant in common, or a joint tenancy!! You have a possessory interest. If the place burns down the State is the Trustee and on the hook for any rents, mortgages etc.
Facts you are renting from the city.
The state supersedes any liens on the deed. The state takes property if the mortgagor/owner doesn’t .pay the tax
show me in a deed where the state is listed legally as the responsible entity
@@MJA5 it’s in the State’s tax code. Property tax holds a senior position on the title.
@@MJA5 Well they can sell your so called property if you don’t pay taxes so whose property is it not yours if you pay rent every year.
The cost of most of this is all will be paid for by every one in the US as all the insurance companies will put up the premiums for everyone who insurers anything the country.
And that is the sad truth. Everyone is this country will experience an insurance increase to subsidize this horrific disaster. It feels like us middle class Americans can never get a break and have a chance of living a comfortable life.
3:17 I wonder how many of these renters had renters insurance😮
Beautiful location today! Thanks
I had to stay in my rental. There were three units. The one on the first floor was damaged because the fire started there. The third floor received extensive smoke damage because they left the door open. My second floor unit was untouched because I didn’t. I rented somewhere else, but was told I was still on the hook for the rent because the building was deemed livable. I had to stay and get used to the smoke smell.
Do a little homework, send them pictures of the damaged lower levels and cite the habitability clauses that are applicable. If the structure is even remotely unsafe, you have a strong defense.
Smoke is a carcinogen. If you can smell it you are being exposed. You could have fought and won that one.
$147,500 . That home sold for a little over 22 years ago😎
I've been a Landlord for over 40 years. In the REAL world No landlord is going to hire a Lawyer and spend a small fortune trying to collect Rent.
I BEG TO DIFFER 😮 😅 😢 😂
I guess you've not been paying attention, because some of these people owe $50k in back rent and that IS a small fortune to recover to some people.
@@jeremiahdonaldson1678 Good luck trying to collect. Your attorney will want at Minimum $5,000 to $10,000 as a retainer. Cost can easily go to $20,000. I'm in Chicago, a Big Blue state where the courts hate Landlords. I've been to court many times chasing Deadbeat Renters. Even when I Win I Lose.
No, no soup for you. 😂😂😂
URGENT response/comment needed after reading.. I empathize for anyone that goes thru any disaster. The community helping each other is a blessing to see. That said why should I pay (in higher taxes) for others that live in disaster prone areas. Wait, not prone to but in areas that WILL have natural disasters regularly as proven by history. Hurricanes in Fla, Hurricanes in Louisiana and wildfires in California. Im sure there are more. One of the main reasons I chose to live where I do is its safer and less prone to natural disasters even things like crime and etc. Americans have decided not to be responsible or culpable for their decisions. Im seeing it more and more in my daily life and if someone can explain why that is i would be most grateful..
AMEN TO THAT 👍 🙏 😢
It truly is a sad state of affairs for us hard working middle class Americans who now will have to pay extra for insurance and subsidize the unfortunate folks who lost everything in a area that you mentioned is known for these type of disasters yet they chose to take the chance and live in the area destroyed by the fires. It's like we will never have a chance to live comfortably and enjoy the American dream regardless where we live in this country. I completely agree with you. More importantly I pray for the folks who lost everything in CA. I feel sick for their unbearable pain.
Sue them for damages and trauma. Have their insurance pay for your lose. Now if you are the owner , different kind of fight. Insurance companies don't make it easy to get reimbursed
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The insurance industry is an absolute fraud !! Making their own rules and regulations ! If you file a claim, then they have to pay ! That is what insurance was designed to be ! All citizens should file a lawsuit against the insurance industry if denied by any and all insurance companies ! To the state attorney office of consumers affairs!!
You must’ve done something wrong
It's not fair to the elderly who can't afford to leave or don't have the energy or ability to do so, like my Grandma. We live in Northern California. Losing insurance would literally ruin our lives.
Years ago I was renting a 2nd floor apartment above community laundry room. Property maintenance never cleaned/maintained laundry room dryer vents (flammable lint buildup). Fire started and climbed up to my 2nd floor. Fire department got there in 1.5 minutes. Still apartment was destroyed. I was not “on the hook” for rent payments afterwards.
Leadership in CA should be prosecuted for negligence.
Thanks for sharing today
In Colorado, there is NO CAP AT ALL on how much a landlord can raise rent. I got a $150/month increase at the start of this year.
@Scodura1
I'm in Monument. My rent is lot rent. It was $550 for years & is now $700. It's probably the cheapest I can get up north. It's still a lot for an RV, though. I'm trying to save up to buy a house in a part of Colorado Springs that's cheaper (a small house is ok). I could never save up paying what rent is everywhere ($1200+)!!
It's very tough because I got laid off in November. All my savings are gone now. So, hopefully I soon get this good paying job I'm interviewing for! Life is tough!!
@@Scodura1 Well sure, but that’s where Tren de Aragua “live”.
@Scodura1
I agree. I don't like Denver (or Pueblo)! Housing is awful, I know😔. That's why I have to settle for a little 800-1000 sqft home. It's better than a 24' RV🤮) Thanks! Jesus bless you!
Good info Mike keep up the good work
Be well all ❤
Hahaha, no!
Make your landlord take you to court for trying to make you pay rent on an ash heap.
Thanks Michael
I’ll wait for your video. "Californians paying utilities for a house that doesn’t exist “
😂
😅
My insurance company in California sent me a letter explaining how they determine fire risk. They use a state wide map, developed by CAL FIRE, that shows every part of the state and assigns a fire risk profile to each. I went up on line and viewed this map. I didn't look at the Palisades area specifically, but you can bet that CAL FIRE had a "very high" risk profile for that area. I live in Northern California and looked at my area and surrounding areas. I thought their assessment, and assigned risk profile for each property was accurate. In the past we too have been through some massive fires in our area. Many people who live in these areas don't think twice about fire exposure. There are still tens of thousands of homes located in densely forested locations. Can you blame the insurance companies for refusing to insure after the previous devastation they had to cover? Lots to consider.
Stop all offers for 3 months? So the 15 minute city builders can scoop in as the only option when those that want to sell are more desperate to get out?
In LA city districts we have rent control of a 3.5% annual rent hike. Several districts that are non LA city, like Burbank for example, are not rent controlled and rent can increase. The 10% price gouging, from what I understand, only apply to homes that were available for rent. If the rent on the market was $3k/month the land lord can only increase that market price to $3,300. Any more is price gouging.
"I won't move there until all of this stuff is fixed."🤣
CA just passed rental protections starting in Jan 2025, can’t raise rent beyond consumer price index and landlord has to provide monetary moving assistance if the the landlord has 4 or more units in same rental area
How can we get deflation to become a thing?
Get the government to quit printing money. It is just that simple. Did you ever play monoply? If you took away half of the money the price of everything would go down.
ww3
Two big ways:
1) Decrease demand for a product or service
2) Have the US balance its budget.
@@sammy-ix3eh😢
You'll have to get everyone to stop being so greedy
In our area, if a rented space is not livable, the landlord has to provide temporary housing. Have not heard if the landlord can continue to charge rent to help offset the cost of the alternative he is providing.
Living in France right now. It is mandatory that you have renters insurance. You cannot finalize your lease until you show proof. You can obtain the insurance right through your bank for less than €20 a month. It is very regulated. Lastly, so happy I sold my country home in Colorado last year. Insurance companies nationwide will increase rates because of this disaster.
Before landing on my home, I made a practice of using my deposit for my last months rent. Though, I’m sure there’s a penalty of some kind now, credit dings etc.
I must’ve done that 6 or 7 times.
Insurance companies collected money from their subscribers for years. They were supposed to place a good portion of that money into a fund to pay for damages.
However the premium became entirely profit and not they cry fake years that they can't repay their subscribers.
I learned something interesting. Brickell (Miami Beach) is more densely populated than Manhattan
The beauty of Capitalism, all the gains are private and the losses are public.
A burned ruin is not livable, no court will question that and a landlord has to accept that. That's the risk of owning a rental property.
I can’t believe that Newsom’s executive order on unsolicited, low-ball offers is constitutional. Can he arbitrarily suspend the First Amendment?
If land cost is the lion's share of a property's "value", how does that math out on the supposed rebuilding/insurance claim?
renters do need renters insurance.
Hahaha!!!!
Everyone is a renter in America 😅you never own anything and never will kinda sucks.
There needs to be some in depth, serious federal oversight in housing market in general. It's absolutely nuts. So much unruly rules, laws, this and that.
Even having insurance, this will take time to recover. I hope these victims gather up, and sue the s**** of those California government. This clearly is not a nature thing.
In California, under AB1482, a landlord cannot raise rent more than 5%+CPI for the area or 10% whichever is less every 12 months. The executive order applies to the rent for new tenants, not continuing tenants. In general, and especially in liberal states such as California, the landlord will probably eat the loss from a tenant breaking a lease because the landlord must file a claim in court, usually small claims court, to make the tenant pay. If the tenant moves out, the landlord will have to know where the tenant is to serve them, and if the tenant stays and does not pay, the landlord will have to evict the tenant which nullifies the lease. If the tenant is educated and relatively well off, they will probably fight the claim with pictures, witnesses, and testimonials and the landlord will probably lose. On the other hand, a poor tenant will disappear and has no money to collect if the landlord wins the case. In general, the landlord will, if h/she follows the law, evict the tenant, clean up the problem, and rent out the unit with no compensation for the lost rent.
if you have renters insurance even on an apartment complex you should be fine. and do not have to pay rent any their month after. only the month of in which the apartment burned.
Good one! Back when I rented I always had it, cost was low and it did (supposedly) covered all my possessions. Had to make a list, take pictures etc.
Renters have it easier. if you have a mortgage and are paying property tax... you bet you are still on the hook even if the property is turned to ash.
If rental is partially damaged (in the LA area), i would still rent there because 1) rent is going up if I move it else where in LA, I would end up paying more for less. 2) unlikely finding any rentals in the next year due to high demands and low supplies in the LA area. Maybe if it's too damaged and jobs is not a problem, then consider moving to Norcal or out of state.
Nope. Tenants are only on the hook for fire damage if they caused the damage. Please don't misrepresent this because there are lots of tenants that will be scammed by their landlords in a crisis. Please people the only damage a tenant is responsible for is the damage they caused.
When we had tornado winds from bad storms last year, our landlord tried to make us responsible for damage caused by the storm, immediately after the storm when a portion of the property became a safety issue. The foreign investment company which owned the house wanted us to pay for the fence and landscaping destroyed by the storm which had caused thousands of dollars in damage. Fortunately, as a prior homeowner and tenant, I am well versed on real estate laws pertaining to tenant rights in my state because 9 out of 10 landlords scam or attempt to scam tenants here in Texas. And California has more tenant rights than we do here in Texas. Texas is paradise for a landlord. At any rate I was willing to take the landlord to court if necessary, however they realized "oopsie" within 24 hrs, that it was their responsibility afterall.
Some of my children live in Phoenix and told me a decent amount of people from southern California burn area is jumping over there grabbing rentals
Can we add a north-south extension to that border wall?
@katydid2877 Will Mexico pay for the wall?
@@llew-AZ Technically, no, cause Cali folks don’t cost us billions in freebies and they’re already here … unfortunately. It would have been economically a big plus if we could have kept them out starting in 2020.
Thank God i paid off my mortgage a few months ago and now if insurance company messes with me , i will go without insurance and save the premiums for emergencies . America is finished , welcome to Banana Republic of America . Homeless people are increasing , Banks , Government and Insurance companies are always the winners and people are losers . Taxation without representation and yet no decent fire department to control the fire in LA .
Well if the owner doesn’t provide what you signed for then no!