I'm actually hoping a rent/mortgage suspension goes through. I have a bit of rental property, a few dozen units spread over two states. Rent comes due in a little more than a week and I'm fully expecting at least a few of my tenants to fail to pay. Not to mention my employees. What do I do about them? Most of them have been with me years, some for decades, and I care about them deeply. Do I keep them working? Do I send them home? If I send them home and keep paying them, will the government eventually help cover my losses?
Here's what I'm doing. My tenants have all already been informed that the rental offices are closed for the foreseeable future and managers are only available by appointment. Maintenance is only available for emergencies on a to be determined basis. I keep my properties in tip-top condition so maintenance is minimal anyway. I will continue to pay my staff regardless of whether they stay home or work, and they've been told this. I have a carefully chosen, mostly long-term staff, so there's not going to be much malingering. If there is, there is.
As for rent, well, I will not evict anyone for failure to pay rent. Period. I will take the financial hit regardless of whether I get financial relief from the feds or the state. I haven't informed them of this, of course. Not yet. Luckily most of my properties are high-income housing, so I think for at least a month or two it shouldn't be a problem. Several of my properties have live-in police officers (I give them a break on rent) so things should be calm.
I have more than enough financial resources to handle mortgages for the foreseeable future. Most landlords don't. Most rely on rental income every month to pay their mortgages. No rent, no mortgage payments. No mortgage payments, bank takes the hit. Multiply that by a few hundred thousand landlords and the banks are in real fucking trouble. If the banks are in real fucking trouble, every business that relies on bank financing is in real fucking trouble. And that's everyone. Everyone.