Economist Takes Heat for Implying that Banks & Landlords Sort Out Rent Defaults in Bankruptcy
University of Oregon economist Tim Duy is an expert on macroeconomics and the Federal Reserve and writes for Bloomberg News. Duy was on a recent phone call with Governor Kate Brown as part of her Council of Economic Advisors. A recent federal study showed Oregon faces $250-$350 million in rental arrears, which Brown asked would make sense as an investment for the state in the short term. Duy indicated that he would probably let the bankruptcy courts and banks deal with it.
Multifamily NW followed up with a letter to the governor.
Duy stated later that he meant to imply that federal officials should pay for a solution, but they have not, leaving the banks and courts to deal with the results. The Portland Business Journal recounted the events in this article.
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