Rent Crisis is About to Hit America as Millions Fall Behind; Congress Must Pass a Stimulus Deal Now
Millions of Americans lost their jobs during the Covid crisis and with lay-offs again spiking the winter months ahead promise to be the worst of the pandemic for many families, especially those facing eviction.
Washington Post: "Nearly 12 million renters will owe an average of $5,850 in back rent and utilities by January, Moody’s Analytics warns. Last month, 9 million renters said they were behind on rent, according to a Census Bureau survey."
The national eviction moratorium and extended unemployment benefits will end on December 31st. If that deadline passes without action, the stability of families, building owners and whole communities are at risk.
Congress must act quickly to approve a new stimulus package to forestall a massive increase in evictions across America starting in January.
Washington Post: "So far, however, Republican and Democratic leaders in Congress remain far apart on a stimulus deal, which they have been debating since July. A bipartisan compromise unveiled last week includes $25 billion for rental housing assistance, but a package released by Senate Majority Leader Mitch McConnell (R-Ky.) did not include any money for housing or utilities. The House Democrats’ Heroes Act includes $50 billion specifically for low-income renters."
The $908 billion bipartisan proposal isn't nearly enough to address all the hardships of the coming months, but it's a start and could reduce the suffering of millions of low income families until a vaccine is available and the economy picks up.
By: Don Lam & Curated Content