The Supreme Court ruled last week that the federal eviction ban could not be further extended, so that means landlords around the country are going to be trying to recoup huge losses from the past 18 months and start the eviction process for residents who haven’t been paying their rent.
Goldman Sachs wrote a report that projects up to 750,000 households could be evicted by the end of this year. The repercussions for that will be big the report said, with what they called “severe” public health consequences.
Analysts for Goldman said they think around 3.5 million households are behind on rent.
Add it all up, and landlords are owed a staggering amount of roughly $17 billion in unpaid rent.
On top of the heat crisis Goldman sees coming, they cite an increase in COVID cases being the primary issue.
The reason the Supreme Court voted against the moratorium being extended yet again, is to prevent the federal government from overstepping their bounds on requirements.
Jeff Stein, a reporter for the Washington Post tweeted “Could the CDC, for example, mandate free grocery delivery to the homes of the sick or vulnerable? Require manufacturers to provide free computers to enable people to work from home? Order telecommunication companies to provide free high-speed Internet service to facilitate remote work?”
Renters were able to avoid paying rent throughout the pandemic and not be evicted, but that ended on July 31.