Mortgage rates shouldn't be considered and no one should be bailing out real estate speculators. A competent investor knows there is a market rate for rent, and would consider the variable risk of debt financing and would never have considered the 'investment'. Owners of units that aren't highly leveraged have minimal exposure to these rate increases. These people are simply greedy speculators that not only took stupid gambles, they are partially responsible for the current real estate crisis in the first place. High leverage, low interest rates drove high demand and market scarcity.
This ruling needs to be disputed as the adjudicator's decision appears incompetent, prejudiced, or both.
"I find the world and economic events in reaction to the pandemic were not reasonably foreseeable and have impacted the landlords, despite them taking reasonable precautions by accessing a mortgage through a recognized and well-known lender," the ruling reads.
Really? It wasn't reasonable to foresee this crisis with record low emergency interest rates and highest real estate prices in history? Idiot.
Of course not. They were taking notes as they expect to be next in line to grind the peasants.