If Congress doesn't implement a new eviction ban, three-quarters of a million American households could be evicted later this year, according to new research.
Goldman Sachs estimates that between 2.5 million and 3.5 million households are significantly behind on rent, owing a combined $12 billion to $17 billion to landlords.Those renters appeared to be safe from eviction until at least October until the Supreme Court last week struck down the Biden administration's ban on evictions, indicating that further action must come from Congress.
The process of recovering back rent through the emergency rental assistance program has been"disappointingly slow," Goldman Sachs analysts wrote. Even though the US Treasury Department has dispersed $25 billion to state and local governments — and has another $20 billion available — just $4.5 billion has been distributed, according to the report.The Census Bureau estimated last week that about 1.3 million people are very likely to get evicted in the next two months.
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