“In early August, he sold his nine-unit property on Vernon Street in Worcester to an LLC registered to Boston real estate investors, Kinvarra Capital.”
Local landlords are selling their properties to investors amid eviction moratorium
When it was established in September 2020, the federal eviction moratorium invoked by the U.S. Centers for Disease Control & Prevention was meant to keep renters housed during the economic downturn of the coronavirus pandemic. About a year later, the U.S. Supreme Court has overturned the policy, but its implications are continuing to have unique impacts on the Worcester community.
For David Branagan, a local landlord who has owned property for more than 20 years, the moratorium practically ended his career owning properties, causing him to sell his two multi-family homes in Worcester and Webster.
“If I could do it over again, I wouldn’t have become a landlord,” said Branagan, who reported losing roughly $33,000 from three tenants who didn’t pay him rent during the moratorium.