**Breaking News Late Night Edition**
The Supreme Court just ended the eviction moratorium. The recently reinstated moratorium was voted down by a 6-3 vote with all the liberal justices dissenting. The court noted that the CDC lacked the authority to implement such a moratorium but it did indicate that Congress could. Although unlikely it is possible they try and rush something through.
You may not have agreed with it but I can promise you that the $42 billion that has yet to be distributed is going to have a very large implication very quickly. I've seen people take sides with the landlord and with the tenant but the fact is that everyone suffered. This isn't about what's happening now this is about things that happened last year and the aid that still hasn't been distributed. There will now be thousands of landlords who fought for this who will not receive their money because they were impatient and kicked the tenant out. Like I said I get both sides of the issue but people need to understand that both sides had a need that the moratorium should have made happen. If you're in a state that hasn't distributed their money, that's who you need to blame when things start getting bad.
Just keep in mind that we already had a situation with a shortage of supply and now we're going to explode the demand by having a ton of people looking for rental homes because they've been evicted. That's going to absolutely skyrocket the rent prices that have already been at record highs. This has vast and far-reaching market implications. Beyond that though it's going to take a very personal toll on a ton of hardworking Americans on both sides of the issue.
You also have to consider that this probably changes what the Federal Reserve is going to do tomorrow. I honestly can't decide if it's going to result in them putting any talk of tapering on the back burner or if because they're buying 40 billion a month in mortgage-backed securities that they decide they need to cut that immediately. The whole purpose of that action was to drive down interest rates and it's led to a super hot housing market. Well now the market is about to get nuclear.
The federal government published a report two days ago indicating that of the 46 billion dollars allocated for rent assistance only 5.1 billion has been distributed. That report also states that by their estimation 3.5 million people will face eviction within 2 months if the moratorium is rolled back before the money is distributed. So we're talking about in areas where covid cases are now blowing up throwing into that mix 3.5 million people that, while not all, but a large number will be homeless.
So let's summarize the situation: low supply, high demand, rising covid cases, falling temperatures, record high rent prices.
3.5 million people are going to be facing all those things simultaneously.
Listen, this is an investing platform so I'm trying to focus on how this affects the market but I can tell you from personal experience many many people are going to wake up to the worst day of their lives tomorrow. Those people are going to need help. We're all in this together. If you're in a position to help any of these people in need please do. Everyone experiences hardship in their lives but we can help each other and make things easier on everyone. Having a roof over your head is something never to take for granted and that feeling of loss knows no political party. It is going to hit people across the spectrum. Just remember that.
#eviction #tcardizzle #inthistogether
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https://news.yahoo.com/supreme-court-allows-evictions-resume-013104760.html
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