This Recession Is a Bigger Housing Crisis Than 2008

Listen to the wall. Photo: Valerie Macon/AFP via Getty Images The wealthiest country in human history has trouble keeping its people housed, even in good times. In 2017, the United States boasted one of the strongest economies in the world, and nearly half of its tenants were rent burdened. A majority of households in the bottom quintile of our nation’s income distribution give more than 40 percent of their disposable income to landlords each month.

At present, the impending flood of evictions is partially dammed by a federal moratorium that covers one-fourth of all renters, the $600 federal unemployment insurance bonus, and the recent dispersion of $1,200 coronavirus relief checks. But even with these protections, a great many renters are being washed out of their homes while millions more accrue onerous debts. Roughly one-third of U.S.

Judge Yvonne Williams, glasses snuggled tight to the blue mask covering most of her face, peered into the camera in her Texas courtroom recently to press a renter about the more than $4,000 she owed her landlord.The renter appeared on another shaky screen from a dark room and explained that she had been furloughed as the spread of the novel coronavirus shut down much of the U.S. economy.

For their part, House Democrats have passed legislation establishing a $100 billion rental-assistance program, while Senator Elizabeth Warren has proposed expanding the number of households covered by the federal eviction moratorium and extending that ban into March 2021.

EricLevitz 10 million foreclosures with 4 or 5 people in each house is 45 million people. Claw back our$$$

EricLevitz This is frightening and will only increase America’s problems. We seem to never learn. The United States of America clearly does not care about its citizens. It only cares if you have money.

EricLevitz The US economy has always been a snake eating its own tail ... well, there’s no tail left. Now what? And we’re supposed to see Good versus Evil in the Democrat versus Republican partisan war? I got news for you, both parties are responsible for where we are today. No heroes.

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