Posted on 07/29/2021 8:27:25 PM PDT by SeekAndFind
The eviction moratorium ends July 31. Millions of households are behind with no confidence in making payments.
With millions of renters at risk Biden Asks Congress to Extend Federal Eviction Moratorium
State and local governments have struggled to distribute $47 billion in federal money aimed at helping tenants who can’t pay rent because of the pandemic-triggered downturn, leaving many people at risk of being forced out of their homes when the moratorium expires.
Just $3 billion of the aid authorized by Congress in December and March had been delivered to landlords and tenants as of June 30, the Treasury Department said in a report last week.
Meanwhile, many landlords have been squeezed because they have been unable to collect rent but remain on the hook for taxes, maintenance and other bills.
The moratorium, which originated from an executive order signed by then President Donald Trump last August, shields tenants who have missed monthly rent payments from being forced out of their homes if they declare financial hardship. They still owe the back rent.
The moratorium was originally set to expire Dec. 31, 2020, but Congress extended it until late January, and the CDC has extended the order three times.
in June, the Supreme Court rejected an emergency request to clear the way for evictions after the Biden administration said it would extend the moratorium for one final month. Justice Brett Kavanaugh voted with the 5-4 majority to keep the moratorium in place. However, he issued a one-paragraph concurrence saying he believed the moratorium was unlawful, but was willing to leave it in place for July. “In my view, clear and specific congressional authorization (via new legislation) would be necessary for the CDC to extend the moratorium past July 31,” he wrote.
I created the lead chart from a Census Department Data Feed.
Here are a few more charts.
These numbers are way understated.
Q: How do I know that?
A: Every chart is missing 72,166,927 households in which the Census Department does not have tenure data.
The total is 50,922,215 Renters + 127,127,307 Homeowners + 72,166,927 Unknowns.
Some of those unknowns are not current or in trouble even if they are current.
7.43 million renters are not current
5.95 million homeowners are not current
8.71 million homeowners have little or no confidence in ability to pay their mortgage
12.71 million renters have little or no confidence in ability to pay their rent
The above numbers are undoubtedly understated because the status of 72.17 million households is unknown.
Rent plus back rent is due August 1.
There will be no more rent moratoriums without Congressional action as per Supreme Court Justice Brett Kavanaugh.
On September 1, Federal unemployment benefits expire.
Earlier today I reported US 2nd-Quarter GDP Exceeds Pre-Pandemic High But Huge Concerns Remain
This has been a tale of two recoveries. Those with assets and jobs, and those without.
Many millions of people will not see this as an end to the recession.
Difficult to say. No time to get anything passed in Congress and the Supreme Court has spoken.
Congress has since April to fix it but didn't.But states are sitting on $44 billion unspent rent subsidies.
How far does that go?
I don't know. Thanks for the question. https://t.co/VUyPFmOzqt — Mike "Mish" Shedlock (@MishGEA) July 29, 2021
Making matters worse for everyone struggling, the Fed is hell bent on increasing inflation.
For details, please see Fed Says Inflation Might be Higher and More Persistent Than They Expect
And finally, the Progressives in congress want an energy tax that will raise the price of literally everything.
For discussion, please see The Stagflation Threat is Very Real but Congress Holds the Key
Wow. What a setup!
* * *
Hit the bricks, lose thieves.
loser
let me guess, the enhanced fed unemployment benefits didnt go towards rent because there was a moratorium and now there is no way to make up the back rent.
Million have played this system with no concern whatsoever to the landlords and their ability to make ends meet. The scammers play is about to come home to bite them in the ass.
This is not going to play well for Dementia Joe. These people likely voted for him thinking their freeloader ride would continue if he was elected.
Black rock gonna love that.
Who do I mostly feel sorry for with the moritorium ending?
The property owner and managers. They are going to get the full, flame out RAGE effect of people who have convinced themselves they would never again have to worry about their rent.
These will be people who have convinced themselves this house or this apartment belongs to them and cannot ever, ever be taken away. Eventually, they will get the message, but many of those angry and evicted will make sure they ‘get even’ by destroying the property in one final messy, ugly and expensive tantrum. Some landlords should have an armed security officer at their side when they start serving eviction notices. Watch and see what happens.
I see a whole lotta looting be and burning in the near future
Homeowners, hide you Louis Vuittons. They’re coming for them.
The leftist hate private land/home ownership, they want all the properties so they themselves can assign usage as they see fit. Once the government controls/owns it all, they will make it equitable for all. Like putting up a low income 3 story apartment building where your neighbors home used to be.
Should have paid the rent....
My friend works his ass off as a roofer with a small crew. He also owns two houses for rental which he maintains himself. He had one tenant who was already behind on her rent two months when covid hit, then she proceeded to stay another 14 months rent-free. She and her two kids finally simply disappeared one night in May, leaving the house a wreck.
At least he got his property back, but he’s had over $20K stolen from him, thanks to Fed.gov and the CDC
RE: At least he got his property back, but he’s had over $20K stolen from him, thanks to Fed.gov and the CDC
Did he have a mortgage on that property?
With the eviction moratorium, there should also have been a property tax moratorium.
I remember my brother in law lived in a rent control apartment in Boston for years. Finally the city allowed for a rent increase. He and his useless wife whined and complained like 5 year olds. They had a 3 bedroom for $250 a month near Harvard!! F’er is an artist. Never did an honest days work in his life.
Bump
Get off your asses and get a job and pay your bills or move to Commiefornia. Fly over country dont play that sh!t.
If we just say 13Million are I arrears and let’s say each owes an average of $1000/month. Then that would equate to $13B/month...so the 44B would only last less then 3 1/2 months...doesn’t even get them to Thanksgiving.
Even before the pandemic, it was rare for a landlord to recover past rent. They were just relieved to get the tenants out after spending about $500 or more to go through the eviction process. I expect there will be a lot of exiting vandalism by the tenants.
Cry me a river. What about all of the landlords who lost their income from having to provide free housing for these dead beats. This was an unconstitutional taking and probably a violation of the third amendment
Get ready for a new emergency - the “Benefit Cliff” - when all the deadbeats stop getting their government checks.
Watch for more extensions.
Hope this means more housing will become available soon because, right now, housing options are limited.
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