More On The Eviction Crisis, Bad Ideas In Congress, Assessing The Blame

New York State has spent $0 of its allotment of Federal funds to halt evictions.

Confidence in Ability to Pay Rent 2021-07-28

Eviction Moratorium Expired

The eviction moratorium expired August 1. The above chart using Census Data shows the number of renters at high risk of eviction. 

Congress is on a 7-week vacation.

Nancy Pelosi, President Biden, AOC, the misnamed "Problem Solver Caucus" and other seriously misguided individuals call on Congress to return in order to pass another moratorium. 

That is precisely the wrong thing to do and more data explains why. 

Renters Face Rising Covid Cases and Lack of Aid

The Washington Post reports Renters Face Rising Covid Cases and Lack of Aid

Moody’s data shows there are still well over 6 million renters behind on payments. [It's far higher as discussed below].

All together, Congress appropriated $46 billion toward emergency rental aid. Only a fraction has been spent.

“There was a real desire to go back and kick the tires and say, are we absolutely sure we can’t extend? Everybody wanted to as a policy matter,” said Gene Sperling, who is overseeing White House stimulus efforts. [kick the tires or kick the can?]

Congressional Democrats launched a last-minute effort to extend the ban, but legislative aides had little hope or expectation it would succeed. House Speaker Nancy Pelosi (D-Calif.), Rep. Maxine Waters (D-Calif.) and Democratic leaders had been pushing to garner enough support, but the House adjourned on Friday without passing a bill. Senate Democratic leaders were also vying for an extension but had no path toward passage.

Six months after the aid program was approved by former president Donald Trump in December, just 12 percent of the first $25 billion in funds had reached people in need due to loss of income from the pandemic, according to the Treasury Department. More than three months after President Biden signed a March relief package with another $21.5 billion for the program, even less of that has been spent, a Post investigation found.

Just 36 of more than 400 states, counties and cities reporting data to the Treasury Department were able to spend half of the money allotted them by the end of June. Another 49 hadn’t spent any funds at all.

Some areas opened application portals, only to see them overwhelmed to the point where they had to shut down. Landlords and tenants struggled to provide onerous application requirements. In some cases, renters and landlords didn’t even know about the funding, or were limited by a lack of Internet access.

1 2 3
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.