News That Will Drive You To Drink

Happy Hour News

It’s a fixer-upper with potential.

It’s Axios, so all the enigmatic bullets and other weird formatting is totally theirs:

Goldman Sachs estimates 750K households face eviction after moratorium ends

A new report from Goldman Sachs released Sunday estimates that about 750,000 households could face eviction later this year unless Congress acts or rental assistance funds are more quickly distributed.

Why it matters: The Supreme Court blocked President Biden’s eviction moratorium last week, dealing a major blow to the administration’s hopes of preventing vulnerable Americans from losing housing during the pandemic.

The big picture: Roughly 2.5 million to 3.5 million American households are behind on their rent, according to the Goldman report. They owe landlords between $12 billion and $17 billion.

  • Many state-level eviction restrictions are set to expire over the next month, according to the report.
  • Mass evictions will take place unless Congress acts or federal Emergency Rental Assistance funds are distributed more quickly, the report said.

And then Axios speculates, because: why not?

What to watch: According to the report, evictions are likely to be “particularly pronounced in the cities hardest hit” by COVID-19 because they have stronger apartment rental markets.

  • The eviction of 750,000 households could also create a “small drag” on spending and job growth, the report said.

“A small drag.” If you are evicted it is very likely to be a big drag.

Our thought bubble, via Axios’ Felix Salmon: Evictions nationwide remain low compared to pre-pandemic levels of about 1 million per year. Federal Emergency Rental Assistance funding, in theory, could prevent a late-2021 spike in evictions, but it’s being distributed very slowly by the states. In practice, it’s likely to arrive too late for hundreds of thousands of households.

I have no idea why the money already approved has been so slow to be dispersed that effectively it doesn’t exist for these soon-to-be evicted people, who will be out on the street during the delta phase of the Trump-Virus. If they are living in the path of Ida, they will have to contend with all the health risks of exposure, too, and the competition for whatever housing is available there.

This is bad. This is very bad.

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9 Responses to News That Will Drive You To Drink

  1. Scottiestoybox says:

    Hello TG. This whole damn thing hurting the US people did not need to happen. The EU countries paid the companies to keep paying the workers salaries without letting anyone go. The people who were getting paid could keep paying their bills, including their rent along with all their needs and other bills. No one thrown out of their homes, no landlords lost money. What the US did was tell the feds to spend the money buying stocks of the largest companies and the US treasury is still today buying stocks to keep the stock prices high and the wealthy making more and more money from the sales of these stocks. The other countries kept their people whole, the US kept the wealthy making huge sums of money while the public suffered and had to try to live on three small government pay outs over more than a year. It seriously pisses me off the priorities of the leaders of the country. Hugs

    Liked by 3 people

  2. Martin Pollard says:

    Is it too hyperbolic to say that the SCOTUS has become, as the man in the movie said, “a clear and present danger to the United States of America”? For all of conservatives’ bleating about “legislating from the bench,” it’s clear that this SCOTUS is doing precisely that, and there is effectively no branch of government to act as a check on them (as Congress is all but useless).

    Liked by 1 person

  3. I have no idea why the money already approved has been so slow to be dispersed that effectively it doesn’t exist for these soon-to-be evicted people

    I gotta think that state legislatures are looking to snatch that money off for other things….follow the money!

    Liked by 3 people

    • Osirisopto says:

      I have no idea why the money already approved has been so slow to be dispersed that effectively it doesn’t exist for these soon-to-be evicted people,*

      Because the money doesn’t exist for the soon to be evicted. It belongs to the rent seekers and they’re going to get it without having to do anything for it.

      And don’t forget the long term ramifications of being evicted as I good luck getting a new place. The shelters are going to be overflowing for a long, long time.

      Liked by 2 people

  4. Ten Bears says:

    It’s like no one has ever read the histories of the French and Russian revolutions.

    Marie Antoinette and her cohort had no idea what was coming …

    Liked by 1 person

  5. quakerinabasement says:

    You know what bugs me about stories like this one? The lack of context. Yes, 750,000 households is a lot of people, but how does that compare to normal times? Is that twice the normal number? Ten times? Knowing that would make clear how big of a problem we’re facing.

    Liked by 1 person

  6. laura says:

    Are the unhoused entitled to vote?

    Like

  7. pagan in repose says:

    “Have they no refuge or resource?” cried Scrooge. “Are there no prisons?” said the Spirit, turning on him for the last time with his own words. “Are there no workhouses?”

    Like

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