Everything you need to know about Joe Biden and the rent forgiveness movement. “The alternative to not canceling the rent is complete bottoming out of the market, and tens of millions of people literally never financially recovering from this moment.”
During a recent appearance on the Snapchat SNAP, show “Good Luck America,” the Democratic presidential candidate said he supported the idea, which has so far been promoted by progressive activists.
Don’t miss: ‘Landlords are just trying to pay bills like everyone else.’ The coronavirus could hit mom-and-pop landlords hard as tenants miss rent payments Much of the government’s housing relief has focused on homeowners The housing relief provided thus far hasn’t been sufficient to protect renters from losing their homes or facing serious financial stress, activists say.
— Tara Raghuveer, housing campaign director at People’s Action The CARES Act also included $17.4 billion in funding for rent assistance, housing vouchers, public housing, and housing for the elderly, but not all renters benefit from that money. To supporters of rent forgiveness, this approach will keep people in their homes and out of financial ruin. But some industry experts say that any plan for rent forgiveness would need to take into account the ripple effects cancelling rent would have across the housing finance ecosystem.
“The landlord relative to the tenant has way more power and way more security in this moment simply by virtue of having an asset to borrow against,” Raghuveer said. “Tenants should not be faced with the burden of navigating a government bureaucracy to get their relief.”
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