August 8, 2020 10:46 AM RSS

Twenty Million U.S. Renters Face Eviction by September 30th

  • Wall Street Rebel | James DiGeorgia
  • 07/11/2020 5:06 PM
Twenty Million U.S. Renters Face Eviction by September 30th

The number is staggering; one in five Americans who live in rentals face eviction by the end of September. While unemployment applications continue to rise and both the daily infection rate and numbers of death are climbing towards new record highs.

 

The Republicans in Congress and the Senate up for re-election are in the process of committing political suicide by allowing unemployment assistance, and other coronavirus relief benefits expire, according to an analysis by the Aspen Institute.

The Aspen Institute estimates over 20 million people — roughly 20% of the 110 million Americans living in rented domiciles — could face homelessness by September 30th, 2020, according to data from the COVID-19 Eviction Defense Project. Former Democratic presidential candidate and HUD Secretary Julián Castro said in an interview with Salon about this housing Armageddon…

“We’re… going to face the biggest homelessness crisis that this country has faced in decades, probably since the Great Depression. We’ve never seen anything like that in our lifetime… Mitch McConnell and Donald Trump — it’s not surprising that they’re so disconnected from the lives of everyday people. That’s what people are thinking about. That’s what they’re worrying about. How am I going to pay the rent?”

According to Salon.com

“The federal government and many state and local governments have issued partial emergency eviction and foreclosure moratoriums, though these vary in degrees of protection and are set to expire in the coming weeks. More than 20 states, including hard-hit Texas and South Carolina, have already allowed eviction proceedings to resume and only about a dozen states will have any eviction protections by the end of the summer unless further action is taken. The federal moratorium, which was implemented under the CARES Act, is set to expire on July 25, after which renters will get 30 days notice of eviction proceedings.”

“These moratoriums paused evictions but provided no rent relief, meaning that renters unable to pay during the pandemic will be on the hook for months of back rent once they expire.”

Vincent Reina, a professor at the University of Pennsylvania who studies housing policy. Though it’s impossible to predict precisely how many people will be affected…

 “The number is just insanely massive,”

“I really wonder what is the number that makes people convinced enough that this is actually a topic worth intervening…Without a multi-pronged meaningful response, what you’re going to see is increased levels of eviction, increased levels of housing instability, increased levels of homelessness that have larger ramifications.”

A combination of 100,000 infections, 2,000 deaths, and evictions surging over 20 million, with some estimates of 28 million evictions into the November 3rd election, could wipe out the Republican party from the local, state, and national levels all at once.

With this crisis housing Armageddon looming, many Democrats are urging Nancy Pelosi and the Democratic leadership in Congress to pass a new stimulus bill that gives Americans $2,400 a month per member of the family each month through December 31, 2020.  This would be carried out under the same broad qualifying basis afforded in the first bailout. Also, Democrats want to extend the same $600 surplus added to unemployment benefits, do another PPP round to businesses and pass a 700,000 million infrastructure bill.

There are stiff objections by the GOP controlled Senate and President Trump to a approve generous second bailout that would also provide hundreds of millions to state and local governments.  McConnell is proposing a bailout that excludes 150 million middle-income citizens by placing an income ceiling at $40,000 to participate in the program. If the House passes all the above and the Republican Senate takes no action or offers a package that’s a fraction of what was passed in the House, they literally could face a political loss of historic proportions.

The President and Washington Republican lawmakers are focusing on the stock market; it’s a political blind spot that is keeping them from realizing by the time there’s housing Armageddon, it will be too late to prevent.

 

   More than 20 million Americans may be evicted by September



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