Tenants, Landlords Face Imminent Crisis as Pandemic Lifelines Expire

by Zero Hedge

 

America’s small-time landlords, along with their tenants, are in trouble as safety nets are set to expire.

 

Tenants haven’t paid rent in months, with a looming eviction moratorium expiring at the end of December.

According to Reuters, the lack of rental income for landlords has also been troublesome, with many skipping mortgage payments, potentially resulting in a firesale of properties in the year ahead.

 

For 12 million Americans and their families – this Christmas will be their worst – as the extended unemployment benefits that have kept many of them afloat are set to expire later this month. Then on New Year’s Day, the Centers for Disease Control and Prevention’s eviction moratorium expires, which could result in a massive wave of evictions in the first half of 2021.

 

At the moment, $70 billion in unpaid back rent and utilities are set to come due, according to a new report via Moody’s Analytics Chief Economist Mark Zandi.

 

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