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“We’re Screwed”: The Worst Months For Both Renters And Landlords Still Lie Ahead | Zero Hedge
Rent has barely trickled in across the U.S. over the last couple months as the country continues to grapple with a decimated economy as a result of the coronavirus pandemic. The only reason that many landlords have not gone belly-up alongside of their respective tenants has been due to the emergency “relief” provided by the government in the form of relentlessly printing, handing out and destroying the U.S. dollar.
Now, with further emergency funding still up in the air and eviction moratoriums about to expire, an ugly picture is starting to emerge for both renters and their landlords. In fact, Bloomberg predicts that the “worst is yet to come”.
33% of renters didn’t make their full payment in the first week of July, a recent survey showed. This means that 12 million renters could face eviction over the next four months. In places like New York and Houston, more than 20% of renters say they have “no confidence” in their ability to pay rent next month.
John Pollock, staff attorney at the Public Justice Center, commented: “You’d have to go back to the Great Depression to find the kind of numbers we’re looking at right now. There’s almost no precedent for this, which is why it’s so scary.”