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The national eviction ban could have a long-term impact on mom-and-pop investors. If the financial hit from non-paying tenants forces them to sell their investment homes, it could boost the size of institutional investors who generally have deeper pockets to weather financial losses.<\/span><\/span><\/p>\n<\/div>\n NEW YORK \u2013 More than a year since COVID-19 lockdowns put millions of apartment dwellers out of work, almost $47 billion in U.S. government rent relief is hitting the streets. For many landlords, it\u2019s coming much too slowly.<\/span><\/span><\/p>\n Joaquin Villanueva, an airport janitor who owns a three-unit rental house in East Boston, had to take out a home-equity loan just to pay the bills. One tenant, eight months behind on rent, vanished one night in March. An unemployed restaurant dishwasher in another unit owes $5,000.<\/span><\/span><\/p>\n \u201cI don\u2019t want to lose my house so I\u2019m doing whatever I have to do,\u201d said the El Salvadoran immigrant who wipes the floors at nearby Logan International Airport. \u201cI\u2019m not rich like a Donald Trump.\u201d<\/span><\/span><\/p>\n While the government passed sweeping measures last year to prevent mass homelessness among renters, there was no targeted help for mom-and-pop property owners who provide much of America\u2019s affordable housing. Like their tenants, these landlords are more likely to be nonwhite or to be immigrants using real estate for their economic foothold. Now, mortgage, maintenance and tax bills are piling up, putting landlords in danger of losing their buildings or being forced to sell to wealthier investors hunting for distressed deals.<\/span><\/span><\/p>\n The tens of billions of dollars that Congress allocated for rent relief \u2013 starting in December and then with a second allotment in March \u2013 was supposed to help by covering back rent and unpaid utility bills. But the rollout has been moving at the speed of bureaucracy, which varies from state to state.<\/span><\/span><\/p>\n \u201cThe fact that we\u2019re over a year into the pandemic really puts a lot of these landlords at risk,\u201d said Rick Sharga, executive vice president at RealtyTrac, which provides property data for investors.<\/span><\/span><\/p>\n Rent shortfalls have drained owners and tenants of goodwill. But to save themselves, both sides will need to cooperate. Local governments, to prevent fraud, often require long, detailed applications signed by both parties.<\/span><\/span><\/p>\n There\u2019s little data showing what share of landlords are in desperate situations, but it doesn\u2019t take much to fall behind if income stops coming from one tenant in a small building. With each passing month, the problems get bigger and harder to solve.<\/span><\/span><\/p>\n Many landlords don\u2019t qualify for federal COVID-19 mortgage forbearance, because less than a third have mortgages backed by Fannie Mae, Freddie Mac or another federal agency. And local governments can\u2019t afford to forgo property taxes, especially in cities that have been hard-hit by the pandemic.<\/span><\/span><\/p>\n \u201cThe long-term concern here, over the course of a few years, is that a growing share of mom-and-pop landlords will be forced to sell and rents will go up,\u201d said Peter Hepburn, an assistant professor of sociology at Rutgers University who researches housing inequality. \u201cThere\u2019s a lot of private equity interest and a real possibility of growing consolidation.\u201d<\/span><\/span><\/p>\n Lincoln Eccles, who owns a 14-unit building in the Crown Heights section of Brooklyn, New York, says he is flooded with unsolicited phone calls, texts and e-mails from investors. Selling would bring some relief \u2013 the pandemic has put him a year behind on taxes and gas bills. But he\u2019d like to pass the building, acquired by his Jamaican immigrant father, to his first son, born this month.<\/span><\/span><\/p>\n Still, headaches are mounting. One tenant owes more than $40,000 in back rent, five units are empty and Eccles can\u2019t afford to replace or even fix a boiler that broke down again in March. The rent relief program will help only so much. He\u2019s unlikely to get government grants to cover losses from a tenant who left in November owing $96,000.<\/span><\/span><\/p>\n Small owners are getting hit from many directions, said Roy Ho, who runs the Property Owners Association of Greater New York, which has 800 members who are mostly Chinese. Some also have retail businesses or are commercial landlords with stores, nail salons and restaurants now fighting to stay afloat.<\/span><\/span><\/p>\n Some of their residential tenants left the city during the pandemic, leaving vacancies, while others paid late or not at all, Ho said. The situation can get awkward when owners and renters live in the same building.<\/span><\/span><\/p>\n \u201cIt\u2019s difficult to have a complete breakdown when one is living upstairs and the other downstairs,\u201d he said. \u201cBut because of COVID, they talk less.\u201d<\/span><\/span><\/p>\n Landlords are constrained by government bans from evicting tenants who missed rent during the pandemic. The federal moratorium will expire June 30, unless President Joe Biden extends it again.<\/span><\/span><\/p>\n Some property owners say eviction bans leave them saddled with tenants who were delinquent even before the pandemic. But many renters are in the same boat as landlords with debts mounting, said Cea Weaver, campaign coordinator for Housing Justice For All in New York.<\/span><\/span><\/p>\n\n