In the Pandemic, Millions of People Could Lose Their Homes

Article originally published by Pass Blue

For households around the world, soon it will be the time of the month to start thinking about next month’s rent, mortgage or housing loan payments. Billions of people have been directly or indirectly affected by Covid-19. This unprecedented public health and economic crisis could easily turn into a devastating housing crisis.

Economies are struggling, and more than 25 million jobs may be lost by the end of 2020, as governments battle to contain the health crisis with social distancing and lockdowns. The two billion people who work in the informal sector are among the most at risk of losing income and often have no job security or safety net to fall back on. They could lose their homes.

Depending on how long we are confined to our homes, defaulting on rent, mortgage, equity loans or utilities payments could lead to evictions, attempts to seize property by mortgage providers and utility shut-offs.

In the United States, advocates are pushing for governments to take legislative or local action to protect renters, homeowners, landlords and property managers. The US stimulus bill provided mortgage relief to certain homeowners. Some states and local governments have suspended utility disconnections and late fees . . .