Revealed: Dems Seized Millions From Developers Before Permitting Ending Moratorium On Eviction

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Like at home Millions of tenants in the United States were threatened this week by the refusal of the White House and Congress to extend the eviction moratorium imposed by the Centers for Disease Control and Prevention. The real estate industry.

As Andrew Perez and Joel Warner reported in Daily poster On Tuesday, the chairman of both real estate brokerage firm Marcus & Millichap and the real estate investment fund Essex Property Trust on June 1, a few days after the CDC, donated $ 1 million to House Majority PAC. extended a moratorium until the end of June.

Chairman George Marcus also donated $ 263,400 that month to the committee that supports the campaign of the Democratic Campaign Committee (DCCC) and House Speaker Nancy Pelosi, and donated at least $ 6.5 million to the PAC, which is working to elect Democrats to the Senate. and the House of Representatives.

Daily poster suggested that while Marcus and his companies are wealthy – with the chairman of a landlord group whose personal fortune has increased by nearly $ 25 billion since the pandemic began – both Marcus & Millichap and the Essex Property Trust would benefit from an expired eviction moratorium.

Marcus & Millichap, the largest commercial real estate brokerage in North America, reported that it had a “tough year” in 2020 with sales down 17.9% from 2019. The Essex Property Trust, which owns or partially owns more than 60,000 condos in California and Washington, donated $ 23.5 million to committees that recently opposed rent control measures. electoral cycles, it was reported that he was directly affected by the pandemic and the moratorium on evictions.

Essex’s “late cash rate” was “higher than before the pandemic, but improved from 4.3% in the three months ended June 30, 2020 to 2.6% in the three months ended June 30, 2021” Daily poster reported

The company is currently working “with residents to collect such late payments,” and CEO Michael Schall said last week that he expects rent payments to return to normal levels “as more workers enter the workforce and protect against the eviction ceases to operate. “

The post confirmed the statement made by Rep. Ro Khanna (California) about MSNBC last week, when Democrats failed to vote to extend the eviction moratorium, outraged by progressive congressional supporters. includingRepresentatives Corey Bush (Democracy) and Alexandria Ocasio-Cortez (New York State).

“The reason they don’t put it to the vote is because some Democrats have privately tried to reject the bill because of the special interest of realtors and other groups,” Hannah says. said… “And it’s shameless that we don’t have a vote in the House of Representatives, that we are defending some members to kill it behind closed doors and we are not transparent. It’s just wrong. “

“The money from the developer unites the Democratic Party,” Jackie Fielder of Daybreak PAC wrote last week, as it became clear that Democrats would not oppose the end of the moratorium.

Sarah Michaelbast of Georgetown University’s Kalmanowitz Initiative to Support Labor and Working Poor People said Daily poster that Marcus’ donations to the Democratic and PAK candidates were part of a “model where homeowners had an intimate relationship as a result of money and influence.”

“It’s not shocking because we’ve seen this pattern over and over again,” Michaelbust told the publication. “What is shocking is that millions of people are at risk not only of becoming homeless, but also of a terminal illness.”

As Shared dreams reported last week, 4.2 million people in the US said they could face eviction or foreclosure in the near future, and research work (pdf) epidemiologists from the University of California Los Angeles showed that people who do not live in a home are 50% more likely to die from Covid-19 than people who do not face the problem of homelessness.

Besides the financial support of the Democrats by Marcus, Daily posterdetailed a $ 2.3 million donation from private equity firm Blackstone Group PAC by the Senate Majority and the transfer of hundreds of thousands of dollars by real estate lobbyists to the Democratic Senatorial Campaign Committee (DSCC).

Meanwhile, proponents of restoring the moratorium continue to demand that Democrats – both in the White House and in Congress – take immediate action to avert the crisis.

“In our interconnected economy, it is simply impossible to throw so many Americans to the brink of financial ruin,” he said. said Morris Pearl, Chairman, Patriotic Millionaires. “This is not only bad for renters who delay rent, but ultimately bad for homeowners.”

“If millions of Americans are evicted over the next few months, it will be a disaster for the entire country, and Congress and the White House have a responsibility to stop this looming disaster,” Pearl added.

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