Americans, the first of the month brings both joy and sorrow. It is payday, but also when rent and mortgage payments—their biggest bills—are due. Businesses must shell out wages and rent from revenues earned over the past month. This April 1st is likely to have been even crueller than usual. The government’s efforts to contain the spread of covid-19 have forced retailers to close shop and led to millions of workers losing their jobs. Many households and firms will struggle to pay what they owe.
Few firms own their offices or shops, instead renting from commercial landlords. Green Street Advisors, a property-research company, estimates that total office rent exceeds $10bn a month. Monthly retail rents are worth another $20bn, according to Marcus & Millichap, a commercial-property services and consulting firm.
Some businesses might be able to keep earning even while their offices are shut. Retailers less so. A slew have already said that they won’t cough up. Nike, a sportswear-maker, says it will service half its rent this month. The Cheesecake Factory, a restaurant chain, plans to pay nothing at all.
Banks and investors can just sit and chill, hold their cards for things to eventually return than either, A. panic and pull out. B. try to capitalize or C. Screw the lower classes to help themselves.
They mean people will be more desperate, self-deprecating, and depressed - the inability to pay for basics of life is what's gonna crush the 'economy,' the financial system already has its bailout.
Another stat that jumps out of this is that in the USA, the 26% of households that rent pay 45% of the total domestic real estate bill.
what would the consequences be of temporarily switching to a system where the current system is paused until the pandemic is under control & everything we have is shared but rationed. BlitzSpirit You never know, this might all be good prep for brexit ;) I’m joking! ...or am I?
It mean people are not working and don't have a paycheck
It will collapse sonn totally.
What if we agreed to suspend everything under goodwill, until vaccinated show immunity?
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