Congress passed a $900 billion stimulus package this week, which contained some— but not all—of the measures that the commercial real estate industry had been seeking.
Among the measures is a $25 billion rental assistance program to be distributed by state and local governments with populations of 200,000 or more, with each state receiving $200 million.
Given that this bill almost didn't happen—and there is some question now as to whether President Trump will sign it—it is difficult not to be grateful for even something to tide over renters in the interim. But it is equally difficult to ignore the deep hole that so many renters are in currently. Depending on who is doing the counting, renters owe a collective $70 billion or $6,000 per renter in overdue rent. And depending on the state, this money could be due on Jan. 1, 2021.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
