THE BAIS HAVAAD HALACHA JOURNAL: Volume 5776 Issue VI Parshas Toldos THE POOR MILLIONAIRE Does an individual with only non-liquid assets qualify to receive tzedaka? By Rabbi Dovid Grossman, Rosh Bais HaVaad L’Inyonei Mishpat, Lakewood, NJ
THE STORYLINE
The story is told of a wealthy individual who had many real estate holdings and a very nice portfolio. One day he called up the Gabbai Tzedaka of the city and asked for an appointment. Obviously, the Gabbai became very excited. “Wow”, he thought to himself,” such a wealthy person is calling me for an appointment!” The Gabbai immediately rearranged his schedule and sat down to meet the prospective benefactor. To the Gabbai’s dismay the “wealthy” individual immediately began sobbing and crying like a baby. He told the Gabbai, “Although it appears that I have much wealth, as the Gemora in Bava Kama Daf 7A discusses Batim, sados, u’kramim - houses, fields and vine yards, that I have triple nets, development properties, parking lots, residential and commercial real estate and everything looks wonderful, I am actually here today to ask you for some funds to help get me through the difficult period I am experiencing. I have tremendous debts, the payments are eating me up. I don’t know how much longer I can continue like this. I am having a very hard time. The rental market is down. The economy is looking pretty bad. I don’t know how I’m going to make it. I need some help!”
Asked the Gabbai, the obvious question, “Why don’t you sell off some of your properties and you would have some cash.” To this the property owner responded, “Were I to sell today I would receive pennies on the dollar because of the present real estate market. I need to hold on to these properties and get funds elsewhere to hold me over. I am having great difficulty meeting the monthly mortgage payments. I need your help.”
THE STORYLINE
The story is told of a wealthy individual who had many real estate holdings and a very nice portfolio. One day he called up the Gabbai Tzedaka of the city and asked for an appointment. Obviously, the Gabbai became very excited. “Wow”, he thought to himself,” such a wealthy person is calling me for an appointment!” The Gabbai immediately rearranged his schedule and sat down to meet the prospective benefactor. To the Gabbai’s dismay the “wealthy” individual immediately began sobbing and crying like a baby. He told the Gabbai, “Although it appears that I have much wealth, as the Gemora in Bava Kama Daf 7A discusses Batim, sados, u’kramim - houses, fields and vine yards, that I have triple nets, development properties, parking lots, residential and commercial real estate and everything looks wonderful, I am actually here today to ask you for some funds to help get me through the difficult period I am experiencing. I have tremendous debts, the payments are eating me up. I don’t know how much longer I can continue like this. I am having a very hard time. The rental market is down. The economy is looking pretty bad. I don’t know how I’m going to make it. I need some help!”
Asked the Gabbai, the obvious question, “Why don’t you sell off some of your properties and you would have some cash.” To this the property owner responded, “Were I to sell today I would receive pennies on the dollar because of the present real estate market. I need to hold on to these properties and get funds elsewhere to hold me over. I am having great difficulty meeting the monthly mortgage payments. I need your help.”
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