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By Emilio DiSpirito, Engel & Völkers, real estate writer, RINewsToday
Over the past week, I have been fortunate enough to connect with Mr. Gregory Rice the General Manager and Vice President of Nexus Property Management and their Franchise Sales. Mr. Rice oversees 1500+ rentals for local landlords and is also a property owner himself. He has a deep understanding of how our housing economy works here in Rhode Island and the benefits that it brings when landlords have money to spend at local stores, with local services, and to pay local taxes.
There is a new House Bill, House Bill 5309, AN ACT RELATING TO PROPERTY — RESIDENTIAL LANDLORD AND TENANT ACT – which many Realtors, property managers, property owners and local businessowners feel will impact the Rhode Island economy in a terrible way.
I asked Mr. Rice a simple question and below you will find his answer!
Emilio DiSpirito: Mr. Rice, can you please tell us what House Bill 5309 is, the pros and cons; in addition to how we can stop this from happening?
House Bill 5309 is a partisan bill introduced by10 democrats and 0 republicans. In a nutshell the bill aims to eliminate all eviction filings, issuances of execution (the document you receive at the end of an eviction to kick out a tenant) AND prevent landlords from terminating tenancies during a declared state of emergency. We are in a declared state of emergency now and likely will be for the foreseeable future. When a state declares a state of emergency this enables them to receive federal funding. So, it is likely Rhode Island, among other states, will keep this in place until COVID is well under control. We are far from that!
The pros to this bill clearly favor tenants only. They are protected from eviction, constable visits, court appearances, and even being asked to leave without eviction proceedings taking place.
The cons certainly outweigh this benefit. I ask you, what is worse to the local economy, an eviction or a foreclosure? Now, this bill does simultaneously pause foreclosures, but once that pause is ended you better believe each city and town will be cranking out foreclosure proceedings to be reimbursed for the monies they are owed (taxes, water, sewer, etc.). There is far more damage to the investors and the local community when a vacant house exists. Check out this recent example in Providence. I look at this like a prime case study for what we can expect once there are HUNDREDS and THOUSANDS of foreclosures here in the Ocean State. Squatters, fires, drugs, death, guns and more. This is where we are heading with this bill:
To get involved, you need to contact your local state representative and state your position on this bill. You can find the contact information here:
Find you State Rep:
Here is the link to the full text of the bill.
Link to the bill’s details:
Before I go, please know that there is also a matching Senate bill as we speak that has the same text as this one. It is Senate Bill 0183. You can also contact your local RI state senator (not US senator in congress; there’s a difference) to state your position on this bill.
If the community fails to get involved the politicians will have their way with our future, and further encroaching on what limited rights we do have at this point. Private property is called ‘private’ for a reason, and a bill like this is inching us closely towards a new way of life, communal property – where you as the landlord are 100% responsible for all the expenses of the property, but the State (and public opinion) get to tell you how (and when) you can run your business!
For more information and or to connect with Mr. Rice, please contact him below.
Mr. Gregory J. Rice
GM/Vice President of Franchise Sales
Nexus Property Management™
Your Property, MANAGED®
(203) 217-1959 Cell – (401) 288-1117 Office
If you would have asked me what I wanted to be growing up, little Emilio would have told you “an archeologist” or “an architect” despite the fact that at age 8 I had my first lemonade stand, landscaping business and was recording my first “news show” on my boombox! Well, I never was much good at trigonometry and did could not see myself traveling for months and possibly years at a time, so becoming an architect or archaeologist clearly did not happen!
Fast forward 26 years later and I’m running a team of the finest residential real estate professionals, own a media company and host my very own radio news show about real estate!
In September of 2017, I married my best friend, Jaclynn, and we have two wonderful children, Destinee and Emilio, V. We have 3 dogs, one of which is a rescue and live in lovely Rhode Island. Jaclynn owns a high-end hair salon in addition to an on-location hair and makeup business!
For 7 years straight it seemed that I had put in more hours than the day had to give on my real estate business. 7 days a week, 14 to 16 hour days, without a break! Why? My friends and family did not understand the sheer magnitude of moving parts and services we offer to our clients during a transaction! One slip up or one missed call could mean make or break for someone’s dream home or even a lost deposit!
Running a team of like-minded, highly qualified and capable professionals has allowed me to offer a very streamlined, simplified and efficient approach to the sales process for our clients and allowed me to earn personal time again with my family while not missing a beat for my clients!
When I’m not working, I’m with my family, riding my mountain bike, eating at a number of local restaurants, enjoying live entertainment, hiking, skiing or reading!
Why not add to bill a mortgage payment forebearane by banks and a tax stay while eviction bill in affect