The 360 | Should rent be canceled because of the coronavirus?
Paying rent on the first day of the month can be a daunting challenge for many in the United States even in normal times. The economic impacts brought on by the coronavirus pandemic have turned that ongoing concern into a potential crisis. Stay-at-home orders have shuttered businesses, causing an unprecedented spike in unemployment.
Lawmakers have taken some steps to address the problem. Many states have imposed temporary bans on evictions, meaning people can’t lose their homes for missing rent payments. The $2.2 trillion stimulus bill passed by Congress included mortgage relief provisions that could allow landlords to offer tenants a break on rent.
Plans for rent cancelation call for the government to cover rental costs either by paying landlords directly or by compelling banks to offer landlords mortgage relief. One estimate suggests this would cost roughly $66 billion a month — though that number could be reduced significantly by targeting relief to landlords who own a small number of properties or who rent to low-income tenants.
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