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A New Jersey landlord joined “Fox & Friends First” Friday to discuss why he waived rent payments for his tenants for three months during the coronavirus outbreak.

“For us, it’s just good business practice,” said David Placek.

Placek went on to say, “We’re believers that if you invest in the community and you’re good community stewards, that is going to be good for you as a property owner and property investor.”

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Placek decided to waive rent for April, May and June as the global pandemic continues to wreak havoc on the health and the economic security of many Americans.

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The landlord, who owns 12 rental units in Montclair, will be forgoing more than $50,000 in rent for the three months, ABC7 reported.

His tenants haven’t been the only ones recognizing Placek for his generous offer. New Jersey Gov. Phil Murphy recently paid tribute to Placek on Twitter.

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Placek said that forgoing more than $50,000 in rent payments from tenants was an easy decision to make.

“It was more a question of why not do this for our tenants. We ask them to pay it forward so if they can go out and buy take out from the restaurants or gift cards from the other small businesses or pay it forward to the local food bank we had in Montclair, N.J. called Tony’s Kitchen.”

Placek said that it benefits all their “stakeholders.”

Fox News' Alexandra Deabler contributed to this report.