Garcetti already issued a directive that no one can be evicted for non-payment of rent. Now the landlords cannot pay their mortgages or taxes, so the government – which caused this crisis in the first place – will ‘print’ money to cover their losses. There is no end to such insanity except chaos, violence, and tyranny.
The bill would establish a fund for mortgage holders to cover losses from the canceled payments. Bank losses would be transferred to taxpayers. It would also fund the purchase of private rental properties by non-profits, transferring hard assets from private hands to governments and so-called non-profit institutions.