Economists across the U.S. are concerned about the prospect of a housing crisis amid an economy that remains largely shut down.
The more than $2 trillion stimulus package gives protection to some Americans by delaying eviction and foreclosure.
However, rent and mortgages will eventually be due again; and at the moment, a long-term plan is missing.
“Renters are most likely to be the most hard hit by the crisis. They tend to have lower incomes. They also work in the industries that we’re seeing are losing jobs,” explained Dr. Solomon Greene from the Urban Research Group.
Those economists are comparing the would-be housing crisis to that of 2008. The issue is a ‘wait and see approach’, which is being weighed against incentives for homebuilders. At least that’s the debate playing out between some lawmakers in Congress.