A report from Spectrum 1 on New York. "Small landlord Karron Graves-Briceño says her whole retirement is wrapped up in the one unit she rents out in Harlem. She says her tenant stopped paying rent nearly a year ago even though the financial records he submitted nearly two and a half years ago, when he moved in, showed $1,465,540 in his checking account. He tells NY 1 he lost all his money because of the pandemic and is now broke. 'I’m gonna hold out as long as I can and unfortunately it’s draining me dry,' Graves-Briceño said."

The Puget Sound Business Journal in Washington. "Broker Dave Speers says investors and developers who used to view Seattle very favorably now see it as risky. His listing for a Belltown development site just sold for 31% below the asking price, hurt by the conditions downtown, he says. Speers of Kidder Mathews partly blames City Hall's 'horrible mismanagement.'"

"The Covid-stung downtown hotel market is in the midst of a perfect storm with a glut of new rooms opening as homeless encampments proliferate on sidewalks and in parks. Properties are struggling to hit 20% occupancy, according to Visit Seattle. 'Investors and developers, formerly considering Seattle at the top of their 'must have' cities list, now won't consider risking capital into this dystopian nightmare CBD thanks to Seattle's massively incompetent mayor and the 'Star Wars' bar scene called Seattle's City Council,' Speers said."

From Bisnow on Massachusetts. "The slow death of the nation’s malls has been accelerated by the coronavirus pandemic, highlighting America’s outsized footprint of physical retail. Almost nowhere is that more evident than in Massachusetts. Boston has the third-most shopping centers, including malls, as a percentage of physical retail among the nation's largest metro areas, according to CoStar data, and that exposure has led to a significant dislocation of mall assets in recent months."

"Recently, a CMBS loan on the Cape Cod Mall, partially owned by Simon Property Group, was sent to special servicing in February. Square One Mall last month also saw its valuation drop 75% from $201M at the time of its CMBS loan’s securitization in 2012 to $50.5M. Simon’s 542K SF Square One Mall in Saugus, 10 miles north of downtown Boston, entered special servicing in July. Of Simon’s 13 Massachusetts malls, three were marked by the REIT as troubled assets, including the Emerald Square Mall in North Attleboro and Liberty Tree Mall in Danvers."

"'I know the Boston market extremely well, and there’s definitely become an oversaturation of retail and malls in the New England area,' JLL Boston Retail Advisor Steve Ferris said."

The Aspen Times in Colorado. "Condo association fines of $500 a day are racking up at a pace that could put a landlord into more than $500,000 in debt and also into foreclosure by the time a court fight over an Aspen pot shop and wine cellar ends. So argued a motion for preliminary injunction filed March 3 by an attorney representing Douglas Tomkins in his legal dispute with Aspenhof Condominium Association over banned commercial uses at the 520. E Cooper Ave. building."

"'(The condo association) has imposed fines and liens against the two units which during the pendency of this will total nearly a half million dollars,' said the motion, which was filed by Denver-area attorney Peter Bornstein. 'The danger of foreclosure and the loss of the two properties is immediate. Tomkins seeks the aid of the court to stop the illegal actions of Aspenhof.'"

The Silicon Valley Business Journal in California. "A federal judge this week issued a new ruling in the government's fraud case against SiliconSage Builders LLC, a Bay Area development firm, and its former CEO. As part of her judgment, U.S. District Court Judge Susan Illston on Wednesday barred Sanjeev Acharya from engaging in any fraudulent business practices."

"Earlier this month, a different judge granted a motion from Acharya to switch from a Chapter 11 to a Chapter 7 bankruptcy. He lost control of SiliconSage's assets in February after Judge Illston appointed federal receiver David Stapleton of The Stapleton Group to take possession of them. That move essentially resulted in Acharya being fired from the firm he founded."

"According to the Chapter 11 bankruptcy documents Acharya filed in January, he owes money to between 200 and 999 creditors. He and his wife together owe nearly $200 million to creditors but have less than $3.5 million in total assets, according to a separate document they filed with the U.S. Bankruptcy Court earlier this month."

From Fox 40 in California. "'It is a very complex market right now with all of these moratoriums and all new changes,' said Tahirih Kraft, Sacramento Self Help Housing director. More properties, like one 140-unit complex in North Highlands that sold for more than $18 million to a Bay Area investor, are steadily being placed on the market. Kraft says it’s likely because more owners are needing to recoup losses during California’s eviction ban."

"'When you had SB 1482, SB 91, you’ve got the Tenant Protection Act, there is much going on right now, and I think owners and tenants can get very confused,' Kraft said. 'If owners are not receiving that rent and they can’t pay their bills, they’re probably going to get rid of those one or two properties that they have to make that income up.'"

The Review Journal in Nevada. "State and federal eviction moratoriums — which have helped thousands of Nevadans stay in their homes — are set to expire in less than a week unless protections are extended. Susy Vasquez, head of the Nevada State Apartment Association, told the Review-Journal that the situation for mom-and-pop landlords — many of whom rely on rental income for their income or to pay their mortgage on their properties — has been 'devastating, especially for those with few units.'"

"The picture for many Nevada landlords is dire, Vasquez said, as savings have depleted and foreclosure 'may be inevitable.' The trade group said rent delinquency — when a tenant does not make a payment on time — continues to grow with its members, to the tune of $15 million per month in losses."

"Danielle Gallant, president elect of the National Association of Residential Property Managers’ Southern Nevada added that many of the smaller landlords are barely scraping by. Tenants have not paid rent for months, which means that many are unable to fulfill any repair requests because there is no money."

"'My fear is that by the time the eviction moratorium is lifted many landlords will be so far in the hole with the mortgage company that the owners will not be able to crawl their way out and foreclosure will be inevitable,' Gallant said. 'The landlords are also being hit with unpaid utilities with the water companies. The utility companies could not turn off services for about six months so landlords have had the water bill reverted into the owner’s name and demands to pay thousands of dollars.'"

The Globe and Mail. "Canadian landlords are renegotiating contracts and leases as several of the country’s top real estate markets shift in favour of renters during the COVID-19 pandemic. 'Renters’ power right now is higher than it has ever been,' said David Fleming, a realtor with the Bosley Toronto Realty Group Inc. 'For every renter that goes out there and secures a deal, there’s two existing renters that say ‘hey, that’s not fair and when do I get my comeuppance?’ They’re going back to renegotiate with the landlord, and some are not taking no for an answer.'"

"Rentals.ca said asking price for a one-bedroom rental property fell by 19.4 per cent in Toronto year-over-year. In neighbouring North York, Ont. it was a 15.6 per cent drop and 14 per cent in Richmond Hill, Ont. Advertised prices slid by 14.2 per cent in Grand Prairie, Alta. 10 per cent in Fort McMurray, Alta., and by roughly eight, five and three per cent in Quebec City, Victoria and St. John’s respectively."

"Rent started falling weeks after Denise Lacroix agreed to a one-year lease for a one-bedroom apartment with a den last March, ahead of the pandemic. 'I was kicking myself the whole time (because) if I would have waited like a month, I would have probably seen a drop in how much I was paying,' the Toronto woman said. When the lease came up for renewal, she sought a reduction and the landlord agreed to shave $400 a month off her rent."

"Tirajeh Mazaheri, a B.C. real estate agent and the owner of Vancouver Rent It property management company, had a client with waterfront property in North Vancouver he wanted to list last year. The client was making $12,000 a month in rental income, but that slipped to $9,000 per month during COVID. The drop made mortgage payments tougher so he decided to put the property up for sale."