After numerous extensions over the last 12 months, the federal eviction ban expired this past weekend. With millions of Americans facing eviction and landlords looking to catch up on delinquency a wide variety of questions surrounding the expiring ban have been asked.
In a recent article from Multi-Housing News, author Jeffery Steele outlines how the expiring eviction ban will affect delinquent tenants and landlords moving forward. Some major takeaways include statements from both sides of the eviction ban debate. Gary M. Tenzer, principal & co-founder of real estate capital advisor George Smith Partners, told Multi-Housing News:
“While the moratorium has been beneficial to many (residents) who have been unable to work and pay rent during the COVID pandemic, it has imposed an undue hardship on landlords who must continue to pay the operating expenses and mortgage payments throughout the moratorium”
Tenzer continued his sentiment by point out another extension to the eviction moratorium would have resulted in an increased amount of loan defaults and “inevitable” foreclosures.
Another interesting point in the article was from a study conducted by a non-profit organization called The Aspen Institute. According to their study, 6.5 million American households are behind on their rent obligations. The average debt is in excess of $3,000. Across the U.S. renters owe approximately $20 billion to their landlords. More than 15 million people live in households with overdue rental payments.
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