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Nationally, the rising costs to rent will pile pressure on poorer families who are more likely to rent and less likely to be earning money right now in a recovery that’s seen better-paid jobs bounce back faster. For low-income Americans, shelter accounts for 40 percent of spending. Adding another risk, a federal judge in Washington ruled on Wednesday that the Centers for Disease Control and Prevention had exceeded its authority by ordering a nationwide moratorium on tenant evictions last year.
The ban, due to last through June, had loopholes that allowed some evictions to proceed but it still offered protection for those who’d lost their jobs. About 24 percent of renters, roughly 8 million people, have missed at least one housing payment since March 2020 according to the Mortgage Bankers Association.
Covid Has Made Orlando Less Affordable Than San Francisco
Justin Fox, Bloomberg
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Orlando, FloridaSongquan Deng // Shutterstock
Since the beginning of the pandemic, the price of housing has risen in some relatively cheap places in the U.S. and fallen in some expensive ones. These dynamics were already apparent before covid-19, as superstar cities in the U.S. and abroad began to price themselves out of reach for many of the workers who kept them going. Then came a contagious disease that (1) temporarily shut down most of the things that make superstar cities attractive and (2) led employers to experiment with remote work on an unprecedented scale, making it easier to disconnect superstar-city jobs from superstar-city real estate prices.