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California has one of the nation's lowest homeownership rates at 55%. L.A. County is majority renter. But after the governor's announcement about mortgage deferrals today, homeowners statewide are getting much more relief than rentershttps://www.latimes.com/california/story/2020-03-25/coronavirus-california-governor-newsom-homeowners-assistance …
Here are the details of the three-month mortgage relief for California homeowners announced today by Gov. Newsom https://www.latimes.com/california/story/2020-03-25/coronavirus-california-governor-newsom-homeowners-assistance …pic.twitter.com/G4gkJxx2pE
Don't homeowners always get more help? They got all those tax credits during the great recession, too.
In general, there's lots more federal and state housing assistance given to homeowners than renters. Think mortgage interest deduction, capital gains exclusion
I probably missed something but this a deferral (homeowners will have to pay later and interest still accrues). Renters are safe from evictions for now (and believe late fees penalties are waived).
Ultimately ALL housing will have to be fully addressed through a series of grants and deferrals as needed. And commercial leases as well. As we recover, debts can be repaid. Deferrals and grants would also pump $$ into our consumer economy sooner rather than later.
Does this only cover primary residences or also investment properties where the tenants cannot pay their rent? Does a landlord get mortgage relief?
Also, does this only cover housing units located in California, or all mortgages where the mortgage holder is a CA resident? I would guess the former, but pretty big/important difference to figure out between the two.
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