The National Multifamily Housing Council (NMHC) made a series of recommendations in a statement released in response to the COVID-19 crises.
The recommendations included halting evictions and rent increases for 90 days and waiving late fees.
One important fact overlooked by the eviction moratoriums is that many (perhaps most) rental units are not owned by deep-pocketed corporations. Many landlords rely on rental payments to meet their own financial obligations and are in no economic position to absorb unpaid rent indefinitely.
The NMHC recognized that “most rental properties are owned by individuals and small businesses that have financial obligations, including mortgages, utilities, payroll, insurance and taxes. If residents cannot pay their full rent obligations because of the COVID-19 outbreak then owners are at risk of not meeting their own financial obligations.” Emphasis added.
The NMHC urged Congress to pass mortgage forbearance, and forbearance provisions were to the CARES Act.
However, mortgage forbearance is not mortgage forgiveness. Eviction moratoriums do not forgive rent, or reimburse landlords.
