My Management, LLC Warns High-Rank Memphis City Officials of Imminent Housing Crash
The Memphis housing market may collapse if local officials do not take action. As landlords are unable to collect rent or process evictions, the increasing pressure could ultimately cause the next housing crisis.
MEMPHIS, Tenn., June 26, 2020 /PRNewswire/ -- Adam Rudman, owner and managing director of My Management, LLC, participated in a Zoom conference with Paul Young and Maria Fuhrmann from the Memphis city government on June 25, 2020, regarding the possibility of an imminent housing crash. Rudman stated that "3.5% of Memphis households are currently facing eviction and, with a 14.5% current unemployment rate, it will lead to a domino of landlords going under."
Shelby County alone has more than 9,000 eviction cases pending in the General Sessions Court. With unemployment federal funding under the CARES Act ending on July 31, there will naturally be a rise in the eviction cases and also in bankruptcy cases. Rudman believes shutting down businesses and the court system was ultimately a plan with good motives, but bad implementation. He says the whole system driving the U.S. economy consists of one person's expense becoming another person's income and believes the Memphis government should work together with local businesses with "original thinking" and a different state of mind in order to find creative ways to avoid the short- and long-term financial crises that will lead to a lower quality of life in Memphis households and the city budget.
Young, Director of Housing and Development, agreed that landlords and government officials should continue the conversation and share ideas on how to stabilize the economy. According to the website "Apartments Near Me" blog, there is a "very small window to take action." My Management, LLC will continue to work with the City of Memphis to find solutions to the current crises. Rudman says the last thing the apartment home rental market needs is landlords to lose properties because, ultimately and unfortunately, this will only increase pressure on an already fragile local economy.
CONTACT:
Christiane Porter
PR Director
My Management, LLC
[email protected]
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