By Will Parker Close Will Parker Oct. 27, 2020 5:30 am ET .
A study of unemployed workers released last week by the Federal Reserve Bank of Philadelphia calculated outstanding rent debt would reach $7.2 billion before the close of 2020. Moody’s Analytics estimates that it could reach nearly $70 billion by year-end if there is no additional stimulus spending. The economic-research firm calculated that 12.8 million Americans would then owe an average of $5,400 from missed payments.
But about a quarter of American renter households with children are now carrying debt from not paying rent, U.S. Census Bureau surveys show. Women and people of color are disproportionately more likely to owe rent, according to the census data. Black and Latino Californians were twice as likely as their white counterparts to face rent insecurity amid the pandemic, an analysis by the University of California, Los Angeles found.
In the early weeks of the pandemic, many renters tried to scrape together their rent by borrowing money from friends or family. Some moved to credit cards, which could mean the total debt tied to rent is greater than what can be counted from missed payments alone. Other renters falling behind are now on payment plans arranged with their landlords, allowing them to pay small minimum amounts each month. Some landlords are charging punitive late fees on top of what is already owed, making the debt higher than just the face value of the rent.
'Both Republicans and Democrats should put the nation’s interest ahead of parties’, overcome the polarization, find common ground, and pass the COVID assistance bill to keep the businesses and jobs alive! ' DrMingWang “Dr. Common Ground” , Harvard & MIT (MD); PhD
Are houses going to be $2? Lmk
Now this is something to be concerned about. Who is planning these mass destruction acts? The profiteers. Millions more homeless.....fiscal policy only protects through January. What's being done to prevent this deficit
Most are using the pandemic as way not pay rent. Most are working and just not paying.
I suppose saving money for a bad time isn’t a thing anymore. Banks accounts are nonexistent! Hey, just maybe some of the older folks do know something! Maybe, just maybe the youth of this works should listen and LEARN!
Why the hell is there a survey by race in the article? Wtf is wrong with you people?
VOTE BLUE!!! 💙💙💙💙💙💙 BidenHarrisToSaveAmerica BidenHarris2020 BidenHarris2020Landslide RepublicansAreDestroyingAmerica RepublicansAreTheProblem
I'll just pretend I read the article and comment something off the top of my head
The gop thinks if they help Americans they won't ever get jobs again.
Hi can you please help , please boost black trans mom $800 short on rent and need groceries for 2 toddlers cash app $tahloca Venmo tashloca if you can’t donate please share my pinned tweet
Lord Please Help Them 🙏 Shed light and hope to everyone struggling 🙏 Amen
I just don't understand how people go broke... It's so easy to make money nowadays it's just unbelievable that someone can still go broke in 2020 - So many opportunities exist. It's very unfortunate.
they don’t give a f about us
Wait a second?! Did Trump cover this when you talked to him LilTunechi lilpump icecube just wondered if this is part of the PlatinumPlan and FYI the WSJ supports President Trump so that fake news shit won't fly.
Manuchin is getting excited
realDonaldTrump pls advise. senatemajldr pls advise. Your careers depend on it. VoteThemOut 2020Election
😂 off to the streets
Being a landlord isn’t an actual job.
Wonder how many months Pelosi, Schumer and that disgrace Schiff are behind their rents... And they are paid by the same people facing eviction!
The other victims are the landlords, of whom most, unlike Donald Trump, have little to no money to fall back on and don't break tenants kneecaps when the rent is late.
No way ! Government shuts down economy and bills can't get paid ? Democrats want power at any cost...check out blue states and vote accordingly.
Kentucky has a Democrat governor that can't fix the unemployment system. All unemployment offices are still closed except one office in Frankfort. Can't blame Trump for everything.
Only a fool would consider mass evictions. Lenders & creditors need to freeze installment payments for 1 year and add the missed payments to the back of the loan until the economy picks up.
What is the excuse for not working? If it's because you cant work due to lockdowns. I suggest you point your energy towards local government and governor which are the ones guilty of closing down work so people can't pay their bills.
So, California will becomes more affordable?
My roommate and I are are behind on rent and have been threatened to be sued by the landlord. We are in NJ, I will be amongst these numbers. My roommate finally found employment this week doing heavy lifting and loading for UPS. I was a massage therapist, my license expires Nov.
Yup.. were one of them... Hell the last 3 months we've been losing weight... cant afford to feed ourselves after all the bills are paid...
Congress sent out 1 stimulus check. Congress likes to talk about the 1%. They are the 1%. So far removed from the average American way of life. As Americans get sicker and poorer they go on vacation. I will VoteBlue2020 no matter what. But we need new leadership on sides.
People need to ask Nancy Pelosi why?!
Meanwhile you know who went on their billionth vacation
All the more reason they should have approved that Economic Stimulus Relief Bill. This will be sad and ugly.
I blame Biden & Obama .... Cc iDStella
Meh. Trump is not concerned. No stimulus bill but you got a judge. Doesn't sound much like Americans first does it?
Poggers!
who could have possibly seen this coming
Why is Pelosi so determined to stall this stimulus package until after the election. She sits in her ivory tower and preaches. What a disaster she has been for the working class
betherevolution squat, block court doors, help your fellow human, protect the disenfranchised from this on-purpose democide because the wealthy are licking their chops to knock you down. So get ready to show up at Pelosi’s house for tea and at McConnell’s house for a sleepover.
And they want to hit us with property taxes in California ON TOP of all of this. Vote no on Prop19
StoCkS aRe GoInG Up!
In the 2016 election, pundits said a trump presidency was 'an existential threat' to the country. More and more, we see this is coming true...
But, hey, let's talk about the GDP. 'Let the homeless eat cake' is the corruptgop motto, as well as greedy Trumpers who still have jobs.
I wish this will bring prices down.
Look people. Start considering solutions. Start small. Start now. Do not council with ppl who are going where you don’t want to end up. U must submit to right ppl, right culture, right plan. The best mentor. The best & successful atmosphere. Best personal development team. WNK?
People need to get they’re priorities straight work for what you want yea the rich are greasy but life in America is still very livable I don’t make a lot but I put in extra hours and I live comfortably rent car gas bills all that other stuff isn’t necessary eating out games
And it is the penultimate nightmare for those renters as well.
Instead of playing on your Nintendo game machines you should be out working so you can afford a place to live. If you can’t afford your own place then go live with a relative or get roommates. Stop whining and wanting everything for free.
But the GDP is good, so that's all that matters
How does mass evictions help anyone?
Yeah but Trump supporters are praising the GDP growth (which isn’t growth at all) 😂 And joking aside, I am saddened by those who are suffering. It ain’t right!
Remember the trump administration said that 1200 should last every American for up to four months😳😳😳
mmy_mom
And instead of pushing out a 2nd or even 3rd stimulus check to the tax payers of America we run a Supreme Court Justice through a confirmation hearing. We the people see. We the people hear. And we are voting! Vote
California, Anaheim. Democrat, Republican. One has done extensive damage to CA. The other is withholding 3M (of 6M) of relief funds, none even going to the -100M deficit or be actual relief funds. Where's the 'American' party? Enough with parties, it's about the people.
Didn't you hear? The GDP is up today! Get in line WSJ!
The sad part is that Trump set their borrowing rate at minus 50 Bases points, everything should be free right now!
Because of a loophole for two months landlords were able to evict in Charlotte, NC. & 18,000 people were evicted. If I understood Gov. Cooper correctly in a press conference yesterday, the state is going to start paying rents directly to the landlords & utility bills. Hope true.
And bc renters are behind, so are landlords. Both evictions & foreclosures are in jeopardy.
Could?
Who would’ve thought that not letting young and immunally strong people go to work would cause people to not be able to pay rent and get evicted 🤦🏻♂️
The administration touts the declining unemployment but is it ft good paying jobs. If someone is at a negative 5 and they get a PT job it just puts them at the poverty level. So their still behind on rent but now they can get half their lights on and now can eat on m w f.
Congress has failed everyone. McConnell and boys sit back and play a real life version of chess with the lives of suffering Americans. Can these people be anymore heartless, cruel and despicable. Knowing people can't pay bills, rent and have to choose between eating and meds.
MissDiagnosis Not to mention the landlords who need to pay their mortgage and expenses but can't collect and can't evict. Its ridiculous!
And yet blind sheeps still want to vote for socialist Biden. They don’t realize this is his goal, he wants to drive as many families as possible to homelessness. He wants you poor, uneducated, without access to independent news and he wants you dependent of his misery. Wake up.
A great example of the failure of realDonaldTrump WhiteHouse SenateGOP and senatemajldr The idea in March-May was lockdown, stimulus take care of COVID Instead they squandered that time and have now left town. While Trump continues to call it a hoax. useless VoteThemOut
Several of my employees have gotten themselves into a mess with the eviction moratorium. During the lockdown, I paid EVERY employee during lockdown. Full pay. No questions asked. Many of them got swept up in the “moratorium” bullshit and didn’t pay. Sorry. No sympathy.
VoteHimOut2020 realDonaldTrump
TrumpSlump
But Trump has no problem having multi million dollar loans forgiven.
Real estate is at all time high in Philadelphia. I bought a house last year for $1.2 million. My neighbor sold his last week for $1.8.
Dam shame the country falling apart !!
Its also called a failed state.
UNICEF can feed a person for 25cents a day Congress gave y'all 5dollars a day stop being greedy Americans scumbagnation
Trump destroys America.
Gentrification 2.0 !
trump be like 'Everything is perfect, the best, the biggest unemployment like no other country. A win for the USA.'
Incredible how life can change so fast. 8 years of Obama/Biden were good. Now we're fighting for our lives.
Let's sue the white house..
Republicans in a rush to put Barrett in the Supreme Court, everyone else can eat 💩 apparently. Class act of how they don’t have any accountability and shift the blame to the working class when it was trumps disregard to the seriousness of the the pandemic that caused all of this
Well whats also contributing to this economic downturn is that paywall on a fucking article lmfao. Not reading it.
wsj writers probably came in their pants writing this
Plus having an eviction on your record disqualifies you for 99% of apartments.
I told you people a thousand times highest paid job you can get no degree that I've seen his car sales where you can make $2,000 no matter what and you can make between $4000 to $10,000 a month at $150 a car. please don't sleep out in the street in da freezing cold & listen to me
The US has been without question one of the richest nations in the world. It also has the greediest corp. leaders & politicians, leading to wealth inequality, & therefore opportunity inequality. GOP has done nothing but protect that system. Progressives will change this. VOTE!
This is a totally predictable event. The bailout money didn't go to the desired small business', it went to Jared Kushner's rich friends. When audited, only a small percentage paid it back. Corruption is at the core of this administration & they don't care about you, in the least
Want change? VOTE REPUBLICAN
Don't worry; all those tax breaks you championed for the rich will allow them to buy all the property and turn them into luxury apartments no one can afford.
Wouldn’t it be nice if we *bailed out* the people & small businesses, rather than bailing out huge corporations?
Yet some of the same people will probably vote for Trump 🥴 I love Americans and their political choices
But shoving a SCOTUS nom down our throats so a lame duck dictator can stay in power mattered more VoteThemAllOut2020 EatTheRich
I suggested a tax credit to landlords that would allow rent forbearance, between the months of March 2020 - January 2021 to any tenant laid off. All back rent owed would be dismissed. I am dealing with this myself in San Diego, where my UI is not enough to cover my rent.
I'd rather have a good job& lower taxes($2000more auto deduc)from a Pres who's a strong leader, than 4Trillion tax hike,jobs2other countries&long-lasting shutdown from an older guy who won't talk policies,just blames others,has done no good in 47yrs&often can't complete a thought
I have been trying to collect on an interstate or 'combined wage' Unemployment Insurance claim from WA state for 34 weeks. Their staff are horribly bogged down. My last dollar for rent will be spent in December and I'll be homeless by the end of December if relief doesn't come.
my over 65yo parents live overseas and while they're entitled to their retirement fund I would understand if the american government stopped their retirement fund because locals first. PEOPLE IN AMERICA need the money. people living overseas could be working for all you dont know
VoteRedLikeYourLifeDependsOnIt VoteRED2020RemoveEveryDemocrat
Its the end of the world as we know it
Everything in America occurs with the clear intention of making the rich richer, at everyone else's expense.
Thank the horrible joke that is Trump 'Administration'
And? Mitch doesn’t give a shit. You know that. Most Republicans don’t care either. You know that, too.
Yet, elites are more concerned with funding hollywood’s cinemas because they need billions to pay the theaters rent.
WSJ is happening now, get a clue! This is in July this year evictions
Keep America Great? MAGA was Kool-Aid. You all drank it. Might as well have been with Jim Jones in Guyana. TrumpIsANationalDisgrace
So another REPUBLICAN presidency that has left us BANKRUPT!!?
Looking into moving now. Rent is so high. It's unbelievable
Manually created by our government and controlled people perfectly like a communist country we are.
Trump gets off the hook for $270 million yet average Americans it’s cough up $3000 or you’re homeless. Ahhhhh America.
Tax Billionaires at 100% for the next 2 years Problem solved
If mass evictions come then I highly doubt landlords will be able to rent out due to the sudden abundance of available housing. Better if the landlord just forgoes there owed payments tbh, plus if you rely on renters payment as your only source of income, that’s a terrible idea🤷🏽♂️
And there’s an app for that... Civvl_Agent ✔️ gigeconomy evictions pandemic Homeless
You think it's tough now? If Biden is elected it will be mandatory shutdown with 1930s soup lines the day he enters office, no exceptions.
Pre pandemic I was working 70 hrs a week 6 days a week. Becausei have high comorbidity along with copd and bullae emphysema I have to strictly isolate now. I don't have opportunity to work at home. Nov 1st I will not be able to make rent 1st time in 42 years 😭
Um our government needs to send Americans two or more stimulus like other countries have. You know the ones with fewer deaths than America ? TrumpsAmerica is not great
I understand. People need help.
Please contact stevenmnuchin1 & ask him to approve the stimulus bill & return to SpeakerPelosi, this is completely unnecessary
3L3V3NTH 45, Jared, Ivanka, McConnell, Mnuchin and the rest of the rich white-privileged administration don't have any housing problems, so... we won't be seeing any relevant action here. If you're part of the 99%, you're on your own.
Hello when are you going to start making this a reporting priority!! This needs to be a major focused issue! I can't pay rent Nov 1
But realDonaldTrump doesn’t want to hear about it. It’ll ruin his reality where he’s king and we are nothing but mere peasants. Meanwhile, he’s talking about water shortages and UFC. Way to go. Real winner right there.
🙏.
Overextended, the American way. No emergency funds set aside is going to cost a lot of people. Will they learn this time? Probably not.
If a renter is months behind on rent (without a reasonable income) .... I really don’t think it’s reasonable to expect them to catch up... avg rent in my area for a nice place studio start at $1800-1bed $2000-$3000+ per month Landlords need bailouts too! What a nightmare!
There is ABSOLUTELY NO WAY that the government will DEMAND that you stay up home and then let you get evicted because you are staying home. I'm sorry it's just not going to happen to all of these people and it shouldn't be happening to any of them.
The people who were receiving unemployment, I included, should not be behind on rent, broke af but not behind. Thats what the money was for, unless people splurged and was living it up online and spending it on materialistic items.
and trumps toilet is made of gold.
What did these people do with the extra 600 dollars they made while on unemployment?
Still gobsmacked Pelosi threw the GOP a lifeline and McConnell threw it away. Morally stunted *and* politically suicidal.
Thanks, Trump.
Rounding the corner....
Exactly what the Democrats want. Sad. I'm not a Republican, but definitely not a Democrat because of how the blue cities are notorious for drifting toward this.
this needs to be focused on by officials
1) SUSPEND credit ratings and note “COVID-affected.” No other deleterious effects to credit ratings at this time. 2) GOP held off on the stimulus package to instead rush the Supreme Court Justice nomination, so anyone evicted should camp out at the White House until Trump’s out.
A lot of Republican voters are voting for BIDEN. I hear it in the conservative FL retirement neighborhood I live in. Voted for Trump last time, voting for Biden this time. Tired of the lies and the chaos - want decency restored. Trump failed on COVID.
I fell behind 2 (apartment) & 3 (business) months because of Hurricane Irma. I was just catching up on both in 2019 - not *ahead*, but EVEN. Then we had Covid. Don’t ask how things are now. Irma was September of 2017, btw. This story is accurate about lingering effects
Jeezus, pass the stimulus!!! What is more important than the American people?! For the love of god, Trump DO SOMETHING besides taking every weekend off to golf! The American people will remember this!!
I hope China will find a way to compensate and cover all the damages caused worldwide...
One of the unfortunate major consequences of an economic shut-down. The ripple effect is huge.
So reopen the economy so that they can earn what they need to pay the rent. There, that was easy.
If you say that medication is so cheep under Trump why is the cost so expensive ? My wife has cancer and the chemotherapy cost is $20.000 to start and $1.000 each time after that !! And that is with Medicare and Medicaid ?
No fucking shit. Duhhh
Stretch “let them eat ice cream” Pelosi doesn’t care. Orangeman bad.
Yes and you’re selfish if you think these people should’ve kept their jobs and businesses stayed open.
Where’s the stimulus?!
Welcome to the Trump economy! Secret Chinese bank accounts for me but not for thee!
Like in 09' with the housing crisis, we now have a renter crisis.
Thank you president t!
And for the landlords falling behind on their mortgages. And for the banks if the mortgages go delinquent.
Governors can’t just implement perpetual eviction moratoriums, and people who can’t pay a month’s rent can’t pay a year’s back rent when the moratorium ends. Trump true believers choose not just to believe his lies but to ignore the crisis just around the corner, this spring.
ENDORSES JoeBiden ! There, I did it for you! 💪 ‼️ 🗳 U KNOW IT’S THE RIGHT THING TO DO OR YOU’RE NO BETTER THAN THE NY Post RAG‼️🗳 🌊 BidenHarrisLandslide2020 BidenHarris2020 TrumpIsANationalDisgrace
brianshrive Govt created mess. Overreaction to Covid.
We speak about sustainability in terms of the environment but what about the sustainability of society? History shows us what happens when the disparity gap gets too big
Now compare this to typical delinquency rates...
Everyone knows that pre-pandemic that 18% of people didn't pay rent either, right?
Why Blacks? USA is racist. Period. Always has.
You mean impact of Covid19 crisis...
Let the free market work its magic.
breaking news!!!
this is terrible news
So...why not lower the rents? Half a loaf is better than non. I won't charge you for that advice ...
Maybe prices will fall and risk will reappear.
oh no the poor landlords
Not if they are prepared to take a chance with TRUMP.
AND YOU BOOT STRAPS Donald’s “WELFARE” CRISIS FUND *Funds his personal Rape Law suits using our TAX $$ *Uses SOCIALIST Healthcare funded by our TAX $$ to beat COVID19. *Financially supports HIS PERSONAL businesses using our TAX $$ *Gives his kids Federal Jobs paid with our TAX $$
That guy is a traitor
Global Pandemic. The fact that you even mentioned landlords in your tweet is a testament of what’s wrong with Wall Street. People matter. Compassion StayEvictions WearAMask WashYourHands
wow! Maybe a new stimulus would be a good idea after all!
Remember when a dollar bought groceries? Look at where we are now. Does this look like progression? Then maybe letting rich walk on their ante in the game was a bad decision. We can build small villages with lots of green or turn it into dollar signs.
GOP this is your plan for America?!!! What in the hell is wrong with you all?
Why don’t you show a graph urban vs suburban vs by race?
Thanks for that one $1200 check months ago!! my credit score which has been perfect my entire adult life dropped 100 points this year, never missed a payment, just had to max out all my cards. BIDEN, SEND $
So Murica as usual then?
Ah capitalism.
Thank god Mitch McConnell dismissed the Senate. It’s not like they had any work left to do.
good
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