Landlord sues L.A. for $100 million, saying anti-eviction law caused 'astronomical' losses

[IcyPeas]

One of the region’s most prolific apartment builders has sued the city of Los Angeles over its COVID-19 eviction moratorium, saying his companies have experienced “astronomical” financial losses and are legally entitled to compensation from the city.

GHP Management Corp., owned by real estate developer Geoffrey Palmer, said in its lawsuit that 12 buildings it manages have experienced more than $20 million in lost rental income as a result of the measure. GHP, which filed the lawsuit along with several other Palmer companies, expects that number to triple by the time the moratorium’s provisions have expired.
...
Palmer is a major donor to the Republican Party and a player in local, state and national politics. So far this year, he has put at least $200,000 into the recall committee targeting Newsom and at least $110,000 into the effort to recall Los Angeles County Dist. Atty. George Gascón, according to state records.

Palmer hosted a fundraiser for President Trump in 2019 and was identified a year later as one of Trump’s top donors in California.
...
Palmer has tangled with the city before, persuading a three-judge panel in 2009 to strike down rules requiring developers near downtown to provide a specific percentage of affordable housing in their residential projects. The decision dealt a major setback to the city’s affordable housing efforts, said Gross, the tenant rights advocate.

https://www.latimes.com/california/story/2021-08-09/apartment-building-owner-geoffrey-palmer-sues-los-angeles-saying-anti-eviction-law-caused-astronomical-losses

[DanieRains]

1. The Anti Eviction Was Nationwide City Of LA Not Responsible

Maybe Mr. Republican could sue TFG and all the Covid Spreader Republicans he pals around with. They played politics with the virus, and Mr. Landlord lost with millions of others. Too bad.

[LiberatedUSA]

2. Tough shit if you're a landlord in America, right?

[Calculating]

4. There's a misconception that landlords are all evil rich people

Or something like that. After all, if they own property not just for themselves, but to rent then they must be loaded and we can steal their income from them.

[Calculating]

3. Regardless of this, why are landlords not being compensated?

It's not right for our government to just indefinitely postpone rent, and arguably violates some of our constitutional rights. The government is requiring that landlords quarter non paying tenants without compensation.

[DanieRains]

5. My Wife And I Have 4 Rentals - Fortunately All Our Renters Are Paying Rent

Many others are hurting.

I wish the government would loan people money to pay the rent, and have them pay it back over time. Everyone is whole, and charge 1% interest for a 25 year am.

Remember who was in charge.....

[ripcord]

8. They screwed up

They should have included mortgage payments and property taxes for landlords affected in the moratorium.

[Chainfire]

6. I wonder how many meals the landlord missed?

[ripcord]

7. I expect a number of landlords to begin lawsuits

The government voided their contracts with renters but more than a year later most have not received any compensation, expect them to sue for full compensation plus interest.

[DanieRains]

9. The Landlords Will Be Suing The Renters

Not the government.

The renters signed a contract.

It sucks all around.

My friend's buddy had to go back to work. None of his renters were paying rent, and they were all still working.

Out or retirement!

[ripcord]

11. It was the government who blocked evictions and voided the contracts

When the government orders someones property to be taken for the common good, even temporarily, they are responsible for reimbursement.

[Dawson Leery]

10. Many property owners are not rich as he is.

They own a house or a duplex. A lock of rental payment can be a problem.