I think the main reason tenants keep paying is that most get a pretty good deal. I just rented a studio with 20 inquiries in 2 weeks. Have a 2 bedroom available 7/7…Tons of inquiries. I raised the rent in both cases. There is still huge demand. Apartments can not be built at replacement costs. New construction is $700/sf including land in SF for Class A apartments. My Tahoe apartments are only worth $250/sf . Would cost at least $300/sf to build new.
I sold my Sacramento apartments for $85/sf. Need $50/sf in repairs but still less than half of new construction.
The government can keep screwing landlords. It will only mean less apartments available at higher costs.
As far as force majeure, it is not being applied fairly of evenly across the economy. Where is my free toilet paper? Costco is still rationing it.
The reality is there is a shortage of housing. No Governor fiat will increase it. Only good old fashioned contractors can build us out of the housing crisis. Get rid of government restrictions and the housing crisis will be solved in three years.
Steal from landlords and we will all be impoverished just like in Russia. My wife’s family apartment hasn’t be remodeled since 1955. Needs to be torn down. But is still worth a lot because of an extreme shortage of housing in Moscow city limits.