I’d now suggest 20%, across the board statutory rent reductions would be in order, as a minimum.
And I’d also suggest rent roll up with liability due over a period eight times longer than the length of the period over which deferral takes place would also be appropriate.
I would match this with a right to claim a mortgage payment holiday to match.
Landlords could survive this. Their tenants cannot.
And I stress: these are outline suggestions for discussion, not detailed policy proposals. But what they make clear is that radical thinking is required now or the rental sector is itself going to collapse – a risk that they should be taking as seriously as I do by making this suggestion.
So, OK, let’s be radical – this is, after all, being thrown out there for discussion. If only we were allowed to discuss it there, eh?
So, agreed, some to many people cannot afford the rent they’re being asked to pay. Some can. There needs to be some sort of system or sorting though who should be paying rent, who should be losing out from it not being paid and so on.
Why not let landlords and tenants sort it out among themselves? That’s what is happening in commercial rents after all. There are those who really cannot pay and so are not. There are those trying it on. There are landlords being supportive and helpful, those not. They will all reach some agreement at some point.
Why not leave them be to do so? You know, let the market take the strain here? After all, other than an insistence on knowing better than everyone else what evidence is there that any other solution will work better?