Letter to the Editor:
I read this City ordinance that prevents commercial property owners from evicting non-paying tenants: See: https://bit.ly/3gKRtPH
I then read this report from the US Small Business Administration that states 1 in 3 small businesses that have employees fail within two years and 50% of small businesses fail within five years. See: https://bit.ly/3DrjoOh
When I questioned the City’s statutory authority to enact a commercial eviction ban (not a person’s home but a business location), no one provided an explanation.
Many commercial property owners took out second mortgages on their homes to buy their commercial property (I know because I have asked a number of owners). Banks do not stop foreclosure proceedings on commercial properties when mortgages go unpaid, so why are tenants of business properties allowed to get a free ride?
Why should these property owners suffer unpaid rent on a business that has a 33-1/3% probability of failing in 2 years and 50% probability of failing in 5 years?
This does not seem at all fair, but is it even legal?
Would you comment below with your viewpoint. If you are a legal genius, please say so and indicate why this is legal or why the City has committed an illegal act.
I was very interested in reading this ruling last week by the US Supreme Court: https://www.
Christopher Matthew Spencer