National

Up to 40 million face homelessness if Congress doesn’t act

If the CARES Act is allowed to expire, millions will face homelessness in early 2021

Published

3 years ago

December 15, 2020

David Obelcz

From Malcontentment Happy Hour, December 14, 2020

Up to 40 million Americans face homelessness as eviction and foreclosure crisis looms

In response to the looming economic collapse, Congress passed the CARES Act, which included a one-time stimulus check of $1200 for some Americans, the Payroll Protection Program (PPP), and a moratorium on evictions and foreclosures. Despite trillions in aid, gaping holes remained that Main Street and American families have fallen through. Banks did not get guardrails on how to manage forbearances. Congress didn’t waive rent, only deferred it, and didn’t provide any financial support for small landlords. Twelve-million American households find themselves more than $5000 behind on rent, and six-million households face foreclosure.

Congressional leaders and the White House have agreed in principle that another stimulus package is needed, but hyper-partisan politics has destroyed any forward progress. In 20 days, the CARES Act and all of its protections evaporate. If Congress takes no action, the transfer of $2.5 trillion in wealth to large scale investors, private equity, and large corporations will begin.

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