President-Elect Biden’s American Rescue Plan Extends the Eviction Moratorium
Earlier this evening, President-elect Biden revealed details of The American Rescue Plan, a sweeping COVID-19 relief package that includes several provisions of note for the rental housing industry. Of primary concern is a drastic federal eviction moratorium, to be in effect through September 30, 2021. On a positive note, the package also includes funding for $25 billion in rental assistance, $1,400 per-person stimulus checks for qualifying households and enhanced unemployment benefits.
Acknowledging and recognizing the millions of struggling mom-and-pop landlords Biden claims his proposals will economically “Bridge” recovery. Here is my take on the matter. This plan goes too far. I’ll not discuss the long term impacts to our economy, that is better left to those with a formal education in economics. Landlords are struggling. However, to extend the eviction moratorium through September 30, 2021 is crippling. If the proposed funding is enough to “Bridge” as Biden has eluded, or easy enough for a tenant in financial trouble, resulting from a COVID-19 qualifying need to apply, it would not be necessary to extend the eviction moratorium. To be effective and sufficient, qualifying tenants would apply, landlords would be paid.
I join the National Apartment Association and applaud the Biden Administration for calling on Congress to pass further rental assistance. Action must be taken immediately. We call upon Congress to enact additional rental assistance without delay, so that rental housing providers of all portfolio sizes may be made whole and can continue operations – keeping America’s 40 million renters safely housed while the pandemic continues to rage. Additionally, we urge Congress to avoid any extension of any eviction moratorium, which only cripples housing providers, hurts housing affordability and harms the very Americans it seeks to protect.
How can you help? Contact your congressman and senators, call on them to end the eviction moratorium and apply sensible and simple relief to qualifying tenants and make whole all rent due landlords.