Much coverage has been given to the anxiety that is suffered when someone loses their home to direct foreclosure. But another anxious issue is arising: Felt by people who are not being foreclosed upon, but who live in an apartment complex owned by a corporation that is having financial trouble.
A recent story on MSNBC explored the chain-reaction—and frustration—imposed on people who rent from landlords that are having trouble. Below, you can watch video of one of the subjects in this story… a young renter who describes problems with upkeep, health hazards, and more (commercial pre-roll required).
Implications: My first thought on this topic is: How long will it take for lawyers specializing in renter/landlord litigation to become very high profile? (Similar to the way many personal injury attorneys now advertise.) There will be a tangled web of obligation to be sorted out; should I pay full rent if my landlord isn’t living up to his end of the deal? If ownership of a property transfers to a bank or trustee, does the responsibility of upkeep also transfer? And if a renter breaks their lease, who, exactly, should attempt to enforce any penalties?
The second--and more universal--thought that occurs to me is this: In an age where so many covenants are being broken, trust will command a premium. Consumers who make their payments will be cherished by companies. And companies who live up to their promises will be cherished by consumers.
Mike Anderson
No comments:
Post a Comment