State-mandated lockdowns began a cascade that especially devastated lower income people and continues to adversely impact the business of property management.
with the ability to collect rent has left many investors unable to maintain cash flow on their properties. Unless they have the reserves to cover costs for nonperforming assets, they face default.
The same bureaucracies are slow to distribute funds that could funnel to landlords in payments to residents
8.2 million adults were behind on rent or mortgage (July 5)
300 thousand renters face eviction every month under normal conditions
Total Congressional allocation for rent+utility relief or mortgage (as of July 5)
Less than $3 billion
Dispersed for rent, utilities and related expense as the moratorium was set to expire
in COVID funding has not moved even as Washington focuses on spending trillions more
Landlords are stuck with the cost of the CDC’s eviction moratorium. The Federal ruling now ends October 3. Some states have also extended their own moratoriums.