Tenants, Landlords Face Imminent Crisis As Pandemic Lifelines Expire
By Tyler Durden – Zero Hedge – 12/08/2020
January is going to be a mess in the US. America’s small-time landlords, along with their tenants, are in trouble as safety nets are set to expire. Tenants haven’t been able to pay rent in months, with a looming eviction moratorium expiring at the end of December.
According to Reuters, the lack of rental income for landlords has also been troublesome, with many skipping mortgage payments, potentially resulting in a firesale of properties in the year ahead.
For 12 million Americans and their families – this Christmas will be their worst – as the extended unemployment benefits that have kept many of them afloat are set to expire later this month. ……
Then on New Year’s Day, the Centers for Disease Control and Prevention’s eviction moratorium expires, which could result in a massive wave of evictions in the first half of 2021.
see also.. Billionaires’ ‘pandemic profits’ alone could pay for $3K stimulus checks to EVERY American – report
At the moment, $70 billion in unpaid back rent and utilities are set to come due, according to a new report via Moody’s Analytics Chief Economist Mark Zandi.
Last month, Maryland utility companies began to terminate customers with overdue bills, many of which were unable to pay because of job loss due to the coronavirus downturn.
New research from the Aspen Institute warns 40 million people could be threatened with eviction over the coming months as the real economic crisis is only beginning.……
Meanwhile, on Tuesday, stimulus talks quickly faded after it was reported that Senate Majority Leader Mitch McConnell touted his own plan rather than a bipartisan compromise for a deal.
John Pollock, a Public Justice Center attorney and coordinator of the National Coalition for a Civil Right to Counsel, recently said January could bring a surge of eviction and homelessness,” unlike anything we have ever seen” before.
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- Meanwhile, in other news, America’s 651 Billionaires are now worth $4 TRILLION. That’s $4,000,000,000,000.(quite possibly with the help of Caribbean Tax Havens)……Globalisation sure does work a treat, don’t it? “New research from the Aspen Institute warns 40 million people could be threatened with eviction over the coming months as the real economic crisis is only beginning”. “What has happened to the “Greatest Country on Earth”??? The American people are treated like garbage, by the “1%”…..
The Free 