The first of the month is coming up again. This will be the fourth time since the coronavirus pandemic began that millions of people who have lost work will worry about how to pay the rent — or about how much debt is piling up because they aren’t able to.
While the simplest, fairest answer to this problem would be to subsidize rent and mortgage payments for all until the end of the pandemic, no state or city government has yet to take this step. Here’s what they’ve done instead:
For those who live in federally backed rental units or whose mortgages are funded by the federal government, evictions and foreclosures are halted through July 28, per the CARES Act. It’s estimated that about 30% of the rental properties in the country are federally backed; to find out if your building is one of them, Fannie Mae and Freddie Mac have lookup tools available online.
In New York, Gov. Cuomo signed legislation on June 17 that will put $100 million into a voucher program designed to provide rental assistance to people who pay more than 30% of their income in rent, make less than 80% of their area’s median income ($60,000 in