The rent is due but many Americans can’t pay the bills
Over the past year we have argued that consumer debt would likely precipitate the next recession. Instead coronavirus has. But consumer debt and middle class over extension will be an increasingly important factor in the covid story going forward.
(From Yahoo News)
McNeilage, cofounder of Kinloch Partners, said his tenants are mostly executives who earn salaries of $100,000 to $200,000 a year, yet even some of them are struggling.
“We have already had three or four calls here in the last 24 hours; people have already informed us that they will be late on the rent,” he said.