Goldman: 750K households face eviction this year if rent relief isn’t sped up

Banking giant estimates that 2.5M to 3.5M U.S. households owe landlords a combined $12B to $17B

National /
Aug.August 31, 2021 11:30 AM
Analysts at Goldman Sachs estimate that 2.5 to 3.5 million American households are behind on their rent (Getty)

Analysts at Goldman Sachs estimate that 2.5 to 3.5 million American households are behind on their rent (Getty)

With the federal ban on evictions nullified, economists are painting a grim picture for millions of Americans behind on rent.

A new report from Goldman Sachs estimates that 750,000 rental households could face eviction this year if the slow rollout of rent relief persists in the absence of another moratorium.

Analysts at the banking giant estimate that 2.5 to 3.5 million American households are behind on their rent, Politico reported, owing landlords a combined $12 billion to $17 billion across the country.

Last week, the Supreme Court blocked the Biden administration’s latest federal eviction moratorium, clearing the way for eviction proceedings to start across the country.

Some renters remain protected by state or local bans, many of which will expire in the coming weeks without further action from lawmakers. New York’s moratorium is set to end Tuesday, though state lawmakers, facing political pressure to extend it, will reportedly convene in Albany for an emergency session Wednesday.

Attorney General Merrick Garland sounded the alarm on Monday, predicting that eviction filings could “spike to double their pre-pandemic levels” in the next two months.

For many renters, the last hope is receiving funds from the federal rental assistance program, which has been sluggish in distribution. By the end of July, just over 11 percent of the $46.5 billion in funds had been disbursed nationwide by state and local governments, the AP reported, citing Treasury Department data.

[Politico] — Holden Walter-Warner






    Related Articles

    arrow_forward_ios
    AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
    Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
    Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
    Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
    Aventura votes to require HOAs to submit critical reports within 48 hours
    Aventura votes to require HOAs to submit critical reports within 48 hours
    The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
    Miami Beach seeks buyers for city-owned development sites
    Miami Beach seeks buyers for city-owned development sites
    The partially collapsed 12-story Champlain Towers South condo building (Getty)
    Inside the tug-of-war over the Surfside condo site’s future
    Inside the tug-of-war over the Surfside condo site’s future
     Adam Neumann (Getty, Bal Harbour Florida)
    Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
    Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
    Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
    Miami penthouse sets cryptocurrency sale record: $22.5M
    Miami penthouse sets cryptocurrency sale record: $22.5M
    Attorney General Merrick Garland, CDC Director Rochelle Walensky and Secretary of Health and Human Services Xavier Becerra with Florida Realtors CEO Margy Grant (Getty, Linkedin)
    Florida Realtors organization sues CDC “landlord-in-chief” over eviction ban
    Florida Realtors organization sues CDC “landlord-in-chief” over eviction ban
    (iStock)
    South Florida resi construction starts soar in March
    South Florida resi construction starts soar in March
    arrow_forward_ios

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

    Loading...