U.S. renters owe $21.5 billion in back rent; Republicans offer no eviction relief

[Yo_Mama_Been_Loggin]

NEW YORK (Reuters) - More than $21.5 billion in past-due rent is looming over Americans struggling to make ends meet, global advisory firm Stout, Risius and Ross estimated on Wednesday, as Republicans and Democrats fight over a new COVID-19 relief package.

Senate Republicans this week proposed a new plan that would not reinstate the recently-lapsed federal eviction ban, which carried a stay for rent due for one-third of renters. Adding to the strain, enhanced $600 weekly federal unemployment benefits are set to evaporate this Friday.

Without a solution soon, the likely result "will be a staggering surge in homelessness unlike anything we have seen," said John Pollock, a Public Justice Center attorney and coordinator of the National Coalition for a Civil Right to Counsel (NCCRC), which helped develop the eviction tracking tool with Stout, Risius and Ross.

The unprecedented amount of back rent is not a macro-economic game changer, said Moody's Analytics Chief Economist Mark Zandi. But for renters, "it's catastrophic. Very few people will be able to pay this back," he said.

https://www.yahoo.com/news/u-renters-owe-21-5-215248442.html

[LakeArenal]

1. Pretty soon everyone is going to need low-income housing he derides.

[brewens]

2. I'm wondering where the renters to replace the evicted come from? If they find someone, that just

leaves another apartment or house unoccupied. I suppose some will get an upgrade to their housing at a discount if they are still working.

[Brother Buzz]

9. You have to view the larger picture

The landlords are chumps in this; the vulture Fat Cats are sitting back and waiting for the property owners to default on their mortgages so they can jump in and make a killing on an upside down real estate market.

[Xolodno]

3. Looked online where I'm at.

Very little inventory and the rents are still sky high. Of course, there has been a moratorium on evictions and closures. But the little inventory I have seen....has been sitting for awhile.

I've also noticed a HUGE uptick in land/lots for sale. Still priced too high if you ask me. But that looks like people who may have bought it on the cheap and now need cash, trying to get maximum dollar before shit hits the fan. And those lots are still just sitting.

[MiniMe]

4. And you need an address to vote

It wouldn't surprise me if this was a tRump plan for voter suppression

[c-rational]

5. My thought also!

[crickets]

6. The whole idea of financial disaster relief for the citizenry is *so* two months ago.

Say, have you heard? The Republican boys have put their heads together and come up with some swell new ideas! Let's all cheer them on as they buy some jets and remodel the West Wing instead! Back to business as usual!

[appalachiablue]

7. K/R

[KWR65]

8. The federal bankruptcy court is going to be very busy this winter.

It will be filled with renters and the landlords. Unless congress provides relief to all of them.