Billions in allotted rent aid hasn’t gone out

Local logjams have meant just $3B of $47B has been sent to tenants, landlords

National /
Aug.August 11, 2021 02:25 PM
President Joe Biden (Getty, iStock)

President Joe Biden (Getty, iStock)

The federal government has appropriated billions of dollars to help besieged renters and landlords across the U.S. weather the economic storm, but states and municipalities have yet to distribute most of the money.

As of June, just $3 billion of the $46.6 billion Congress allotted in rent relief has reached those who need it, according to the Wall Street Journal. The Biden administration hopes another $2 billion was sent out in July, but that data has not yet been released.

The amount distributed appeared to be growing, with more given out in June than in the three previous months combined, according to the report. But the slow drip of relief is exacerbating struggles felt by both tenants and landlords. Industry experts blame the situation on state and local governments and charities charged with distributing the aid.

Contrast the slow rollout with the IRS’ comparably lightning speed distribution of funds. The agency began sending stimulus payments across the country one day after President Biden signed legislation authorizing it back in March. Within one week, the IRS reportedly had distributed $242 billion in aid.

States such as New York are struggling to get aid out to tenants and landlords but problems persist across the nation, and time is running out.

The extended national eviction moratorium will protect most tenants from being kicked out of their homes only through Oct. 3. The latest ban is being challenged in court, and could be tossed. Some tenants will be saved by local measures, but others could be in danger of imminent eviction while billions in relief await distribution.

[WSJ] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Two more rent law challenges tossed, landlords reserve hope in appeal
    Two more rent law challenges tossed, landlords rest hopes on appeal
    Two more rent law challenges tossed, landlords rest hopes on appeal
    Tritec Principal Robert Coughlan with the project (Tritec)
    Tritec lands $173M for Bay Shore Residences
    Tritec lands $173M for Bay Shore Residences
    A recent report by Harvard’s Joint Center for Housing Studies shows mom-and-pop landlords were hit harder than big firms by rental delinquencies. (iStock)
    Mom-and-pop landlords, Black tenants hit harder by pandemic: report
    Mom-and-pop landlords, Black tenants hit harder by pandemic: report
    City won’t landmark Grand Prospect Hall, clearing way for demolition
    City won’t landmark Grand Prospect Hall, clearing way for demolition
    City won’t landmark Grand Prospect Hall, clearing way for demolition
    New Yorkers who signed concession-laden apartment deals during the pandemic are finding a rude surprise when it's time to renew. (iStock)
    New York: Welcome to the era of sky-high renewals
    New York: Welcome to the era of sky-high renewals
    A crackdown on mob activity has brought to light the alleged shakedown of a construction union based in Queens. (iStock)
    Colombo mob boss arrested over alleged construction union shakedown
    Colombo mob boss arrested over alleged construction union shakedown
    Gov. Gavin Newsom (Getty)
    California Gov. Newsom wins recall election; homeless, housing crises loom
    California Gov. Newsom wins recall election; homeless, housing crises loom
    The Real Estate Roundtable's  John Fish and Jeffrey DeBoer (Real Estate Roundtable, iStock)
    Real Estate Roundtable: Break deadlock on $1T infrastructure bill
    Real Estate Roundtable: Break deadlock on $1T infrastructure bill
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...