The State of CA built out a CRAZY Plan to Seize ALL Rental Properties!!
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California real estate has had a very rough year and it’s only going to get worse. I look at how low rents have fallen over the last twelve months and its shocking. I believe that this eviction moratorium being extended has built up a wave, more of a tsunami of foreclosures to come.. Much bigger than the 2008 real estate crash.. This will blow everyone away.
Why do I think this? Rents are falling by 30-40% in most areas, courts are not allowing eviction cases to proceed and landlords are stuck holding the bag. How long can landlords hold the bag when business in CA is closed and landlords are not making money at both their business or on their properties? Now minimum wage increased and the cost of labor for business has increased only hurting business owners even more.
How will this impact real estate? How will this impact landlords and property investors? I believe the demand for overpriced property in CA will fade very quickly. We will look back on this in the next few years and see CA real estate as one of the biggest bubbles to pop.
However that goes without being said, if Gavin Newsom is recalled and removed from office and we have another governor replace him and run this state more like Florida we will see a turn around.. Still a big crash but an eventual turn around. If not, we are in BIG BIG trouble.
Get ready California.