The Biden Admin seems to have been trying to discover another means to tear down the Country or weaken it further while advancing their march toward socialism or worse. They found it in the rent forgiveness program which was about to expire. The politicians included this provision in the original bill which was designed to reduce the financial outflow from workers who were displaced due to the covid virus. But it was about to expire, so the Biden Admin kept it alive by claiming that the delta variant was creating a new emergency situation which included this rent forgiveness program. The political left was encouraging Biden to extend the benefit, but he seemed to be apprehensive about doing so. But some creative person with a sharp mind, apparently concluded that the CDC could be the instrument that could make this happen, using the continued pandemic as the excuse/reason why they could take this action. So, this morning, there was uncertainty and tonight they have figured how to do it and make it stick.
Is this one more thing to keep people at home and out of work? You could certainly make that case. Landlords in big cities are struggling financially with unpaid rent while their mortgages are still due. One man this week stated that he was out $60,000 in unpaid rent. In one case his tenant had sublet the apartment and was collecting the rent but not paying it to the original landlord.
Why you might ask are the landlords in these cities still paying the mortgages? Because the act that produced this situation only protected the tenants not the landlords. You might wonder why this is allowed to stay this way since the abuses are so well known. One reason might be that foreign countries are buying up real estate in this country at an alarming rate. Are they trying to force landlords to sell their property under the pressure of money out and no money in? No one knows for sure, but it will become clear if the Biden Admin keeps this program alive.
Buying rental property has been one of the means for retirees to build a nest egg for themselves that would supplement their retirement income. Is that at risk here? I don't know for certain but all of this is not happening by accident.
Whether or not this continues is anyone's guess. But if it does and if it spreads from Big Cities to small towns, people will revolt. What shape this will take is not clear but when you go up against the Government who has all the weapons, it won't be pretty.