MBA Wants to See More Stimulus Money for Renters, Restaurants, Hotels and Retailers
“While we all want to protect health, we also have to fund our mandates,” says MBA’s policy head Mike Flood.
January 21, 2021 | John Egan | Wealth Management Real Estate
America’s renters have racked up a whopping $70 billion in unpaid rent during the pandemic-induced economic slump. In one of his first moves as the new leader of the U.S., President Biden extended the nationwide eviction moratorium for renters until March 31, giving some breathing room for millions of Americans who are struggling to pay rent.
The $70 billion figure worries Mike Flood, senior vice president of commercial and multifamily policy at the Mortgage Bankers Association. But so does the eviction moratorium, which will certainly further strain landlords. However, Flood feels optimistic about the potential for Biden’s $1.9 trillion stimulus plan to narrow the divide between overdue rent and eviction notices. The plan would earmark $25 billion for rental assistance.
In a Q&A, WMRE chatted with Flood about Biden’s proposals, as well as about the importance to owners of multifamily properties and other commercial buildings of stamping out the pandemic.
