America’s looming housing crisis

To say the least, the economy is not in good shape right now. With the number of people filing for unemployment benefits up over 16 million and businesses struggling to survive, there is no telling what the near future, or even tomorrow, will look like. However, the good news is that the government has intervened. (I can’t believe that I actually just wrote that.) While normally, I am against government intervention in any typical fashion, in times of crisis like this, strong federal and state governments are crucial. They will be the lifeboat that will keep us afloat until the economy can survive on its own again.

Thanks to unemployment benefits, and their recent bolstering with the CARES Act, the economy should be able to survive with no more than a short and sharp recession. This bill also included direct payouts to Americans who need them most and the small businesses that are the backbone of the American economy. While this can only do so much, it is a major uplifting signal for many who are currently being affected by this pandemic.

But those checks and unemployment benefits may take some time to kick in. And in a time when most Americans cannot withstand a major financial loss, these elements combined could spell disaster for thousands, if not millions of Americans. So what are we going to do about this? I think many governors have taken the right steps to introducing rent and mortgage freezes for millions of Americans. This is a critical step, but at the same time, we must consider who will be affected if no rent is paid. Many landlords are not a part of multi-million dollar groups in which collective decisions are made. They are independent and rely on monthly checks to pay their own bills and those of the property they maintain. For those on this end of the food chain, we must take them into consideration so they don’t have to sell the buildings they own and force out the people who were living there.

If something is not done soon, this could have a major impact on the housing market that will ripple through the economy and exacerbate the already bad homelessness crisis. Our leaders must think carefully in their steps moving forward to ensure that no American is being left behind during this time of crisis.