On Thursday, the Centers for Disease Control and Prevention extended its eviction moratorium for one month, to the end of July. Democrats had been urging this for several days. But the Biden administration signaled very loudly that this would be the final extension, meaning that tenants across the country who are behind on their rent will find themselves at risk of mass dispossession in a matter of weeks. With housing prices soaring, landlords have plenty of incentive to create vacancies and charge top dollar. There should be exceedingly little comfort in this announcement.
A moratorium on foreclosures was also extended for one month, but here you see the critical difference in how the country treats homeowners relative to renters. The Consumer Financial Protection Bureau plans in the coming weeks to advance a rule to force mortgage servicers to hold off on foreclosures for most borrowers through 2021. So those borrowers get strong, more lasting regulatory protections, including a requirement that servicers actually work out a resolution with them. Renters just have to brace themselves.
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