[Cshelton]

It's much worse than you realize. Most of these rentals are cash flows that pay the debt service on a loan. Which most of the time is securitized. Those securities are packaged up (sound familiar...?) and sold to investors. Who are these investors you ask? Mostly institutional investors who are responsible for.. your retirement, pensions, etc. So it's not the "rich landlord" that doesn't get his rent money, it's your next door neighbor who is a retired teacher living off the teachers pension.

[threatofrain]

How are school districts going to escape their contractual obligations to unions? By going into bankruptcy? Where are you getting this information that school districts may seriously renege on pension contracts?

[kamaal]

>>Where are you getting this information that school districts may seriously renege on pension contracts?

Pensions are either from taxes(Now who is going to pay that on properties where people stay for free?), or from profits made in investments in larger economy. Where do the profits come from? People who borrow money to run businesses(which now have no profits, and are running on losses because people stay for free).

Read that all in reverse. The effects will be felt all over the economy.