The U.S. Averted One Housing Crisis, but Another Is in the Wings

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“Millions of households were financially unscathed coming out of the pandemic. But the pandemic has left millions of others struggling to make their housing payments, especially lower-income households and people of color.”

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While pandemic savings are fueling home sales among one group of Americans, rising prices and job losses are putting housing out of reach for many others, an annual Harvard report said on Wednesday, June 16, 2021.

For the past year, lower-income tenants have relied heavily on government support to pay their monthly bills. These measures have helped — about one-third of renters used unemployment or stimulus payments to pay rent at some point during the pandemic — but the majority of renters still had to borrow or draw on savings to cover bills, leaving them less able to weather future emergencies, much less save for personal investments or a down payment for a home.

“We’ve avoided some of the worst outcomes so far, but the crisis is not over,” said Diane Yentel, president of the National Low Income Housing Coalition, an advocacy group that has pushed for increased housing assistance. “If the Biden administration allows the federal eviction moratorium to expire before states and localities can distribute aid to households in need, millions of households would be at immediate risk of housing instability and, in worst case, homelessness.

For all of its shortcomings, the CDC moratorium helped hold off a wave of evictions. And it became a valuable tool after Congress passed more than $40 billion in rental assistance, by buying tenants and their lawyers additional time as they waited for the federal government to review their applications.

Landlords groups echoed tenant advocates’ frustration with the pace of federal housing aid, and in some cases say they would support a longer moratorium if it meant collecting more rent.

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The pandemic didn't cause any of those things.The lockdowns and restrictions did. Our goverments had a choice.

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