Skip to main content

August 30, 2021

Source

Dear Editor,

Guyanese renters and homeowner small landlords, those of other ethnicities also, in America have been severely affected financially by Covid. The Covid rent moratorium has emboldened renters or tenants of all ethnicities not to pay rents. Some of those rent defaulters are Guyanese. Many Guyanese homeowners are struggling to make ends meet and pay the mortgage while tenants who lost jobs can’t afford to pay rent; some who have been re-hired have not been paying or are behind in rent. Guyanese homeowners could lose their homes when Covid is brought under control and normality returns. The situation is reminiscent of what happened in 2008/09 when there was a real estate meltdown in value and home prices collapsed and homeowners lost value in their home of over $100K per property. Foreclosure was widespread impacting on Guyanese also. Based on my impromptu conversations and interviews with many of them in NY, one in three Guyanese homeowners is owed rent of between $1500 and $3500 monthly going back to April 2020. So the amount of money Guyanese landlord is owed is enormous – somewhere from $24K to $48K for every third home owner for the last sixteen months. The total is tens of millions of American dollars owed to Guyanese American landlords.

The government-issued moratoriums on rental and mortgage payments at the start of the pandemic last year April expired last March and was renewed till end of September. Landlords challenged the moratorium in court and won including at the final appeal at the Supreme Court. The government allocated some $45B last year and earlier this year to help renters. But only some $5.5B was actually distributed to or claimed by renters. Several billions more have been included in a new budget for renters. The money is available from government to pay landlords but it is not getting to them. Renters have to file an application and sign it with the money going directly to the landlord. Several renters, for varied reasons, are unwilling to file the application. Some renters are illegal and don’t want to create a file with the government applying for public assistance although the undocumented is eligible for rental and food assistance. Some renters in default simply don’t care a damn because landlords can’t proceed to evict them till after September. And they know the process will take a minimum six months to evict them. So they will get another six months of free rent. Even if evicted and ordered to pay back rent, there is virtually no way to enforce court rulings.

Sincerely,
Vishnu Bisram

Replies sorted oldest to newest

New York is not a place to live. It's way overpriced and overhyped. It is only a place to make money. If you cannot make money there then get the hell out. Share a room with three other people or else real estate will eat up all of your money.

Ali Khan Azad
Last edited by Ali Khan Azad

Guana man has a very well paying job. He does not have to worry about these matters.

Good for Guana...I hope he doan play victim pon TV with land rover FB profile cover and armani .

FM
@Former Member posted:

Good for Guana...I hope he doan play victim pon TV with land rover FB profile cover and armani .

Guana is not on any social media. No need for that. I prefer to read a damn book rather than poke around pon social media looking at wha everybady eating and drinking and shitting. Who doing who, who went here, who tekking picture of food and posting "yummmmmmm".

Sheer shit. Zuckerman, Gates and company gat alyuh good. The new slavery. Ever notice how dem chirrun today schupid no ass?

FM

Guana man has a very well paying job. He does not have to worry about these matters.

You don't know Guana man, but he long ago stop wukking for somebody else. Guana prefer to have clients and not a boss. And no, I am not some boring lawyuh wordsmithing documents. Not that there's anything wrong with that, just not my thing.

FM
Last edited by Former Member
@Former Member posted:

Florida is expensive now too. Have to go up state NY in the cold areas. I actually think the cold is better than the heat...Kapa might mek a move to Vermont or Maine

Guh to Vermont. Yuh kyan wuk fuh Bernie. Bernie tun President, yuh wind up in de White House. Treasury Secretary. See you pouting pon camera, parting yuh hair down de middle and trying best not fuh look cack eye..lol

FM
@Former Member posted:

Guana is not on any social media. No need for that. I prefer to read a damn book rather than poke around pon social media looking at wha everybady eating and drinking and shitting. Who doing who, who went here, who tekking picture of food and posting "yummmmmmm".

Sheer shit. Zuckerman, Gates and company gat alyuh good. The new slavery. Ever notice how dem chirrun today schupid no ass?

Doh is a very stupidee thing indeed...posting food on FB page. Ad don't like it.

FM

New York is like Houston, Calgary and Vancouver. You don't hang around these places unless you have guaranteed income like a good pension or a guaranteed job with good pay because you will find your self having to work multiple jobs to keep your head above water.

Ali Khan Azad

New York is like Texas, Alberta and now North Dakota. You don't hang around these places if you are not make money or have a guaranteed pay cheque like a g

Yuh talking sheer chupidness. What decent place in America can you "hang around" if you're not making a living????? That's why there's trailer parks.

We know that. Share some of your vast real estate experience wid we. LabbaDulla want wan estate in Maine or Vermont. Tell we bai.

FM

New York is like Houston, Calgary and Vancouver. You don't hang around these places unless you have guaranteed income like a good pension or a guaranteed job with good pay because you will find your self having to work multiple jobs to keep your head above water.

i can speak for Houston Texas because my good friend lives there. The average price for houses on the outskirts of Houston are in the mid 300's. You would have to be a pauper if  you can't afford that.

I don't think you know what you're talking about.

FM
@Former Member posted:

Yuh talking sheer chupidness. What decent place in America can you "hang around" if you're not making a living????? That's why there's trailer parks.

We know that. Share some of your vast real estate experience wid we. LabbaDulla want wan estate in Maine or Vermont. Tell we bai.

Banna I prefer to live among conservative progressives...not commie progressives. Like it or not dem progressives in Vermont is not commie

FM

New York is like Houston, Calgary and Vancouver. You don't hang around these places unless you have guaranteed income like a good pension or a guaranteed job with good pay because you will find your self having to work multiple jobs to keep your head above water.

You know nothing about Real Estate investment. Stick to aloo peeling.

Mitwah
@Former Member posted:

Banna I prefer to live among conservative progressives...not commie progressives. Like it or not dem progressives in Vermont is not commie

You could fool me. They vote for Bernie, the commie.

FM
@Former Member posted:

Banna I prefer to live among conservative progressives...not commie progressives. Like it or not dem progressives in Vermont is not commie

Kapadulla Wood ...

conservative progressives or progressive conservatives ...

FM
@Former Member posted:

Florida is expensive now too. Have to go up state NY in the cold areas. I actually think the cold is better than the heat...Kapa might mek a move to Vermont or Maine

Well according to the writer of this article you might be able to buy real estate in Richmond Hill pretty cheap soon. Cold weather AND you can hand out wid yuh fren Pavi and drink likka. Hungry belly KP will join you on the weekends if you treat him to a chicken in the rough and fry rice. lol

FM

These Richmond Hill folks are more than homeowners, they are active real estate investors. That's a business. They most likely got approved for mortgages by including rents as income in their mortgage applications. Or, they rented basements, rooms etc. illegally for income to pay their mortgage.

So it wasn't just a home they bought, it was a business activity. Landlords.  As with any business there is exposure to risk. Their risk event occurred, so now they must do like any business. Pay up or lose your business. Sadly, in this case it is their homes.

FM

@Former Member Labbadulla, what's your take on the Federal Reserve bank leaving rates unchanged? Do you think the rise in inflation is transitory as they are saying? what's your take on this?

FM
@Former Member posted:

@Former Member Labbadulla, what's your take on the Federal Reserve bank leaving rates unchanged? Do you think the rise in inflation is transitory as they are saying? what's your take on this?



De inflation has nothing to do with how much money dem Feds put in. It is driven by cost-push forces like supply chain disruption, higher shipping cost, and chip shortage and similar. Inflation going to be elevated beyond 2% into at least 1/2 year 2022. Fed still don't need to raise rate because labor force participation is low. Interest rate doan fight cost-push inflation, unless we willing to raise it so high to get a recession. No need for that. A long transitory inflation because of cost factors. When inflation is cause by excess demand, then interest rate does wuk better. It is transitory but a more persistent transition. Watch the corona (not the one Pavi does drink) and that will tell you what will happen to inflation.

FM
@Former Member posted:

i can speak for Houston Texas because my good friend lives there. The average price for houses on the outskirts of Houston are in the mid 300's. You would have to be a pauper if  you can't afford that.

I don't think you know what you're talking about.

Those houses look like what the PPP is building right now for the people without houses.

Ali Khan Azad
@Former Member posted:

i can speak for Houston Texas because my good friend lives there. The average price for houses on the outskirts of Houston are in the mid 300's. You would have to be a pauper if  you can't afford that.

I don't think you know what you're talking about.

I told you fellas. Guana man has a very good job. People who cannot afford a 350,000 US home is a pauper? Obviously, the 2008 real estate crash did not have an affect on him.

Ali Khan Azad
@Former Member posted:


De inflation has nothing to do with how much money dem Feds put in. It is driven by cost-push forces like supply chain disruption, higher shipping cost, and chip shortage and similar. Inflation going to be elevated beyond 2% into at least 1/2 year 2022. Fed still don't need to raise rate because labor force participation is low. Interest rate doan fight cost-push inflation, unless we willing to raise it so high to get a recession. No need for that. A long transitory inflation because of cost factors. When inflation is cause by excess demand, then interest rate does wuk better. It is transitory but a more persistent transition. Watch the corona (not the one Pavi does drink) and that will tell you what will happen to inflation.

Forget interest rates for a moment. I'm more interested in the rise in inflation.

a. What about the velocity of money? Will that not increase? The Fed has pumped tons in aid during Covid. Looks like most of that was saved and not spent. Now the govt is getting ready to inject close to 5 trillion with the infrastructure bill. This money will find itself into circulation on infrastructure projects. It will also increase the labor force participation.

b. Supply chains are already disrupted. We know about the chip shortage and other shortages. Fuel costs have risen, feeding higher shipping costs, feeding higher food costs. These are necessities, not luxury items.

Inflation in July was 5.4%. I see this continuing, not because of cost-push, but because of demand/pull inflation. I see it as sustained. What am I missing here?

Ah trying fuh larn. Ah lil slow, suh tek it easy pon meh.

FM
Last edited by Former Member
@Mitwah posted:

You know nothing about Real Estate investment. Stick to aloo peeling.

Mits, I know you know about real estate. But I am talking about real estate for the living so your area of real estate expertise in cemeteries, burial grounds and other such final abodes are irrelevant to this conversation.

Ali Khan Azad

Mits, I know you know about real estate. But I am talking about real estate for the living so your area of real estate expertise in cemeteries, burial grounds and other such final abodes are irrelevant to this conversation.

Do U know about OPM?

Stick to aloo peeling.

Mitwah
@Former Member posted:

Forget interest rates for a moment. I'm more interested in the rise in inflation.

a. What about the velocity of money? Will that not increase? The Fed has pumped tons in aid during Covid. Looks like most of that was saved and not spent. Now the govt is getting ready to inject close to 5 trillion with the infrastructure bill. This money will find itself into circulation on infrastructure projects. It will also increase the labor force participation.

b. Supply chains are already disrupted. We know about the chip shortage and other shortages. Fuel costs have risen, feeding higher shipping costs, feeding higher food costs. These are necessities, not luxury items.

Inflation in July was 5.4%. I see this continuing, not because of cost-push, but because of demand/pull inflation. I see it as sustained. What am I missing here?

Ah trying fuh larn. Ah lil slow, suh tek it easy pon meh.

5.4% is misleading. That is change on low base during pandemic. The month on Month is de one to watch.  Velocity? 😁 Yuh is like a Milton Friedman student. Yuh is a Chicago Bai pon GNI, or what ?  Nah, that doan matter. The trillions is not one off. De thing is spread over a decade period. Yuh will have higher inflation for the reason I seh ...no demand inflation. Yuh have a fresh Republican cyard? 😁

FM
Last edited by Former Member

Those houses look like what the PPP is building right now for the people without houses.

ahhhmmmmm.....actually they're much better than the ones you find in Richmond Hill. And with lots more land. These homes have at least 4 bedrooms and at least 2500-3K square feet all told.

It's the reason why people from Cali, NYC etc. are fleeing there. I don't know about Canada, but I know you are wrong about Houston and Texas in general.

I used to travel there for business pre covid. You are stuck in a "room" with Prashad and Roy Khan, with Keffer knocking on the door. lol

FM
@Former Member posted:

5.4% is misleading. That is change on low base during pandemic. The month on Month is de one to watch.  Velocity? 😁 Yuh is like a Milton Friedman student. Yuh is a Chicago Bai pon GNI, or what ?  Nah, that doan matter. The trillions is not one off. De thing is spread over a decade period. Yuh will have higher inflation for the reason I seh ...no demand inflation. Yuh have a fresh Republican cyard? 😁

So we agree, whatever the reason, you too see higher inflation. I don't think it's transitory as they are saying.

Are you a disciple of Helicopter Ben Bernanke?

Milton had commie leanings. Not into that. More a believer in Austrian economics.

FM
@Former Member posted:

So we agree, whatever the reason, you too see higher inflation. I don't think it's transitory as they are saying.

Are you a disciple of Helicopter Ben Bernanke?

Milton had commie leanings. Not into that. More a believer in Austrian economics.

Rant! Yuh is hard core bai . Dat is heavy stuff foh Kapa stomach. It's a slow transition...still transitory.

FM

What guana man is not mentioning is the cost that comes with real estate ownership. It can eat up your money in no time.

So you went from telling us to run away from certain states unless one has a pension blah blah blah, to now running away from real estate in general because of "cost that comes with real estate ownership". There is a cost to everything. Regarding real estate, what is your point?

FM

folks left their mansions in guyana and come to live in a rat-infested hole, paying huge rent and making the landlords rich, now drowning in de hole

FM
Last edited by Former Member
@Former Member posted:

folks left their mansions in guyana and come to live in a rat-infested hole, paying huge rent and making the landlords rich, now drowning in de hole

That speaks volumes of the security and safety situation in Guyana. Many of the abandon homes are now a refuge for bats, wood ants, rats, snakes and other animals. Sad.

Mitwah

Add Reply

×
×
×
×
×
Link copied to your clipboard.
×
×