More than 15 million people live in households that may owe as much as $20 billion to their landlords.
Is the free-ride at an end? President Biden decided not to try to extend the CDC’s ban on evictions. Actually, he had no choice as the recent Supreme Court ruling tied his hands. The Supreme Court made it very clear that this type of policy required an Act of Congress.
As it stands now, the CDC’s moratorium expired on July 31st. Landlords are rushing to get started on eviction proceedings which can take months or at the very least, armed with the threat of evictions….making payment arrangements with renters.
There are currently many homes that have not been able to be added to the inventory of available homes for sale due to rules preventing the removal of a non rent paying tenant. No one wants to buy a property with someone in it that is not going to leave when they are living for free.
Where do we go from here? There are millions of families that own just one or two rental properties which have been financially devastated by this program….some forced into foreclosure and bankruptcies as the landlords are still required to make their mortgage payments even though the tenants are not paying rent which has been a huge financial drain for those families on the hook for mortgage payments.
House Speaker Nancy Pelosi has said that the House will be moving forward with eviction relief but until a new Bill passes the House, Senate and is signed by President Biden…..evictions will continue.