AAGLA Executive Director, Daniel Yukelson, Discusses the Financial Hardships Many Landlords are Faci

With the current rent freeze and moratoriums on evictions, many property owners are now facing a financial hardship as they struggle to pay their mortgage with a substantial loss of income. In an interview with ABC7, AAGLA Executive Director, Daniel Yukelson, declares that along with their tenants, property owners are also struggling to make ends meet during the coronavirus crisis. “They’re [landlords] not getting their income, they’re losing jobs, and they’re being inflicted with the coronavirus, so they’re suffering financially too and there’s very little help out there for them,” Yukelson states.

In the state of California, 80% of the rental housing industry consists of small “mom-and-pop” owners who have little to no help with financial relief during this unprecedented time. The majority of these property owners rely on the rental income each month to supplement their retirement and support their needs. Property owners who have a Fannie Mae or Freddie Mac loan can apply for mortgage relief, but there is still limited funding available for the majority of apartment owners in the greater Los Angeles area. Due to the limited amount of support and the recent ordinances and governmental orders, this could most likely result in mortgage defaults as landlords are unable to collect their rent to keep their property.

Watch the video above to gain more insight on the financial hardships many landlords are facing during this coronavirus crisis.