LOS ANGELES—Tenants are not alone facing financial struggles as a result of COVID-19 related shutdowns. Landlords are also battling to stay afloat amidst the world crisis as first reported by Curbed LA on Friday, May 1.
An interview by Curbed LA with various LA Landlords, shows landlords are facing financial fears as tenants have trouble paying them. The city’s latest emergency measures are helping tenants avoid eviction and renters are striking to cancel payments. According to reports, proprietors’ concerns only increase as they too are in need to pay bills.
Small landlords such as Arnold Epstein say they are acting if they were “the bank” under these circumstances. However, just as Epstein says he felt sorry for his tenant’s reasoning for not being able to make his payment, so are other landlords acting to help tenants by lowering rents. Mike Werner, who owns four properties in West Hollywood, Hollywood, and Studio City is helping his tenants by lowering their rents during stay-at-home orders and offering to extend it to 90 days.
LA landlords can look forward for a relief program that sees to benefit both sides. According to a COVID-19 Rental Assistance Report, the HCIDLA requests Los Angeles mayor Eric Garcetti approves of $1.15 million in rental assistance. This applies for residents who earn $58,540 or less a year. Qualified renters will be payed up to $1,000 for three months with such money going directly to the landlords.