PORTLAND – After an uncertain fall, and with lack of federal stimulus intervention, local financial expert Robert Smith is warning the risk of severe strife should the legislature continue its approach.
In an op-ed published https://www.peregrineprivatecapital.com/dsts-the-coming-regulatory-storm/, Smith cites an extension in the eviction moratorium as having the potential to send dozens of landlords across the state underwater. Using data from Portland State University — which found 36 percent of Oregon tenants are behind on their rent — Smith asserts that any continuation in this direction may send countless Oregon landowners towards foreclosure.
“If your tenants need not pay rent and you can’t evict them, at some point you’ll have a hard time servicing your mortgage.” Smith writes. “I doubt if lenders will be as accommodating as landlords must be.”
Smith believes if House Speaker Tina Kotek continues to demand a special session to extend the eviction moratorium through June 30, 2021, proprietors will begin assessing — if they haven’t already — their exit strategy out of Oregon.
The potential for extreme destabilization throughout the local housing and rental market is severe. Smith believes unless government mandated eviction moratoriums are taken off the table, then relief from the escalating crisis is nowhere in sight.
“Mounting unpaid rent risks a tidal wave of evictions in 2021.” Smith said. “Increasing an already heavy debt burden in this manner will only exacerbate the problem.”
Smith, President of Peregrine Private Capital Corporation has been monitoring the situation closely, and hopes Oregon officials will consider the already heavy burden they’ve passed onto state landowners in this pandemic.
Smith can be made available to the media.
To learn more visit www.peregrineprivatecapital.com
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