ABSTRACT
Among the many devastating effects of the coronavirus has been its impact on a significant subset of property owners. While residential property values soared in many areas outside of cities, owners of retail stores found little demand for their properties. Some were forced to limit the number of patrons they served, and even to shut down entirely. Residential landlords faced lost revenue when tenants lost jobs and therefore the ability to pay rent. Government-imposed prohibitions on evictions exacerbated the lost revenue.<br />Property ownership always entails risk. Real estate markets ebb and flow. Tastes change. Interest rate variations make investment more or less attractive. These ordinary risks rarely provide occasion for government intervention. More controversial, however, is the appropriate government response to risks with the potential to cause catastrophic landowner losses: wildfires, hurricanes, earthquakes, terrorist attacks, financial meltdowns, and now, pandemics.