Economists Explain Why Multifamily Needs the $1.9T Rescue Plan

If the economy hadn’t received a $900 billion relief package in late 2020, it could be in a lot more trouble right now, according to a paper published by  The Urban Institute that was co-authored by Mark Zandi, chief economist of Moody’s Analytics, and Jim Parrott, a nonresident fellow at the Urban Institute and owner of Parrott Ryan Advisors. In it, they argue  out that the economy would have fallen into a double-dip recession with rising unemployment if lawmakers had not passed the stimulus. The package should help some of the 3.5 million renters pay their back rent and utilities when February’s payments are due.

Still, Zandi and Parrot write that 6.8 million delinquent renters owe $34 billion, which could increase as the economy continues to struggle.