Effective September 4, 2020, the Centers for Disease Control and Prevention (CDC) ordered a nationwide eviction moratorium through December 31, 2020. This applies to all rental units.
Greater than 40 percentage of rental units owned by ‘mom & pop’ owners who could struggle to keep up with their financial obligations as a result of the federal eviction moratorium. Additionally, 37% of rental units are categorized as LLC/LP/LLP, many of which are operated by individuals who will also be negatively impacted. Read more.
As CDC, White House Unveil Eviction Moratorium Executive Order, NAR Urges Immediate Congressional Action on Rental Assistance
WASHINGTON (September 1, 2020) – National Association of Realtors® President Vince Malta, along with CCIM and the Institute of Real Estate Management, released the following statement Tuesday evening in response to a new CDC and White House executive order halting virtually all evictions nationwide through the end of the year.
"While NAR appreciates and is supportive of administration efforts to ensure struggling Americans can remain in their homes, this order as-written will bring chaos to our nation's critical rental housing sector and put countless property owners out of business," said Malta, broker at Malta & Co., Inc., in San Francisco, CA.
"Any eviction moratorium must also come with rental assistance for property owners, the vast majority of which are mom-and-pop investors and are still required to meet their financial obligations even as they cease to receive income on their properties.
"An untailored eviction moratorium will bring more havoc to our economy, not less, and will put America's 43 million renter households at significant risk. NAR strongly encourages Congress to pass immediate legislation that would instead provide emergency rental assistance programs directly to housing providers, protecting Americans' access to affordable housing and our nation's critical rental housing sector."
The National Association of Realtors® is America's largest trade association, representing 1.4 million members involved in all aspects of the residential and commercial real estate industries. ------------------------------ Joseph M. Ventrone Vice President, Federal Policy and Industry Relations | Advocacy Group NATIONAL ASSOCIATION OF REALTORS®