A tidal wave of evictions could be ahead. More than eight million Americans are behind on rent payments, and the CDC's series of eviction moratoriums has long since expired. In other words, the government safety net to keep people off the streets is gone.
With no federal eviction moratorium in place, 8.4 million Americans, or about 15% of all renters, who are behind on rent, are at risk of being evicted. The new figures were part of a Census Bureau survey conducted between June 1 to June 13 of households and was first reported by Bloomberg.
The survey found that 3.5 million households were somewhat likely to leave their rented spaces (homes/apartments) within the next two months because of an eviction. Most of these folks are of the working poor class and situated in large metro areas from New York to Atlanta, where the cost of living, including shelter, food, and fuel, has skyrocketed.
About 6.7 million households said their rents increased, on average, $250 per month over the last year. The increase doesn't sound like a lot but remember that many of these folks are being crushed under the weight of the highest inflation in four decades. Their credit cards are maxed out, and savings are drained as wages fail to keep up with soaring consumer prices.
This shocking revelation is a reminder that today's current economic backdrop, which some say is stagflationary, could quickly morph into recession and surging jobless.
So who will the Biden administration blame for the coming tidal wave of evictions? He can't keep blaming "Putin."
Poster Comment:
Blame unlimited legal and illegal immigration for driving the average US rent to an unaffordable $2,000 a month which is a lot more in areas with lots of immigrants.
#1: Lod To: Horse (#0)
Lod posted on 2022-06-25 09:25:26 Reply Private Reply
#2: Horse To: Lod (#1)
Horse posted on 2022-06-25 10:00:01 Reply Private Reply
#3: BTP Holdings To: Horse (#0)
That must be houses. Apartments are much cheaper.
I was reading about a bus driver in suburban San Francisco who makes $30,000 a year but he cannot afford the rent. He lives in his van and uses public showers and porta potties. He must have a microwave in the van. That draws a lot of power, so he needs deep cycle batteries. ;)
BTP Holdings posted on 2022-06-25 10:15:58 Reply Private Reply
#4: TommyTheMadArtist To: Horse (#0)
TommyTheMadArtist posted on 2022-06-25 10:45:44 Reply Private Reply
#5: Esso To: Lod (#1)
Also be thankful that you're not going all-in on rentals into what's turning out to be the worst economy since the Great Depression, like my buddy in his mid-60s, with his duplex B&B project. I warned him. When the program started going tits-up, I told him to sell to Blackrock.
I'd about bet you dollars for donuts that the Bidet is going to seize his properties through imminent domain and fill them up with illegal aliens.
Esso posted on 2022-06-25 10:47:33 Reply Private Reply
#6: Lod To: Esso (#5)
Lod posted on 2022-06-25 11:39:06 Reply Private Reply
#7: Horse To: BTP Holdings (#3)
Horse posted on 2022-06-25 13:20:01 Reply Private Reply
#8: titorite To: Lod (#6)
titorite posted on 2022-06-25 14:00:19 Reply Private Reply
#9: Lod To: titorite (#8)
Lod posted on 2022-06-25 14:27:53 Reply Private Reply
#10: BTP Holdings To: Lod (#6)
What gig did you do for 39 years? ;)
BTP Holdings posted on 2022-06-25 16:24:34 Reply Private Reply
#11: BTP Holdings To: TommyTheMadArtist (#4)
I'll bet the riff raff comes and goes frequently.
When I worked with the Bondsman in Lebanon, he had a skip who did not report in on schedule.
I was doing an investigation. We knew where his girlfriend lived and that she had furniture out from this rent-to-own place.
I went there and was talking with the manager and then over to where she lived and was talking to the manager there.
We eventually caught up with him and the rent-to-own place got their things back. So, everything worked out. ;)
BTP Holdings posted on 2022-06-25 16:33:55 Reply Private Reply
#12: Dakmar To: TommyTheMadArtist (#4)
I am also a homeowner. The renters fuck up even living here. Progressive dolts try to shame me and my anti-renter rhetoric by screeching "oh, you filthy nazi beast, it's not all renters that act like that." Asking them to describe their neighborhood shuts them the hell up. At least if they give details I can verify.
Dakmar posted on 2022-06-25 18:35:09 Reply Private Reply