Covid-19 Has Created Another Housing Crisis?

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Covid-19 Housing Crisis

Cities all over the United States since March 2020 have witnessed historic unemployment rates as a result of Covid-19. During the peak of the pandemic, the national unemployment rate reached 14.7%. According to Ernie Tedeschi, a policy economist at Evercore ISI, roughly 30 million Americans are collecting employee benefits. With any businesses not able to recover for shutting down, federal funding programs completed, and law markers facing challenges agreeing on the next steps to financially assist the American people. One thing is for certain, Covid-19 is not going anywhere anytime soon. For those receiving employee benefits, many are terrified of the reality that they will not able to feed their family, let alone pay their mortgage or rent.

To Learn How To Make Money From Home During Covid-19, please review the article below:

The CARES Act AKA “Coronavirus Relief Bill”

The CARES Act was developed to provide local, state, and tribal government financial assistance. This was done through payments to assist these three entities as they navigated through the outbreak of Covid-19. This relief bill of $150 billion dollars was not enough to keep Americans afloat. Due to this, a year later a great deal of Americans are still struggling to provide for their families with the care they need.

With the CARES Act now expired, many Americans are left with the question: Will I lose My Home To Covid-19? Sadly landlords across the US are answering that question by submitting eviction notices to the court for failure to pay. This will give tenants only 30 days to find a new home before being kicked out on the streets. With the CARES Act once covering over 12.3 million tenants renting either single-family homes or apartments, Who will protect them now? What rights do these Americans have during this State of Emergency/Health Crisis?

Is There Any Hope?

According to Daniel Edger, attorney at the Northwest Justice Project of Washington, some states like Washington State may have what is called a Moratorium Proclamation. A Moratorium protects families from being evicted even with the CARE Act has expired. This does not mean a tenant can refuse payment of mortgage or rent. The tenant and landlord must actively work together to come to a far payment agreement. In short, under a Moratorium Proclamation, the only way you can be evicted without working toward a payment agreement is if the property is being sold, or you are serving as a threat to the property or community. So please check the laws of your governing city or state. There may be hope just yet!

Stay Creative

Sirpatrick O. Iwu

Resources:

Northwest Justice Project https://www.washingtonlawhelp.org/resource/coronavirus-you-cannot-be-evicted-if-you-cannot-pay-the-rent#a

https://home.treasury.gov/policy-issues/cares

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Proud Father | Samadhi | M.S Higher Education | Managing Partner | Scrum Master | Forex Educator | ΩΨΦ

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Sirpatrick O. Iwu

Sirpatrick O. Iwu

Proud Father | Samadhi | M.S Higher Education | Managing Partner | Scrum Master | Forex Educator | ΩΨΦ

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