NASHVILLE, Tenn. (WTVF) — A local landlord said there will likely be foreclosures down the road unless unemployed renters get monetary help to pay rent.
The Centers for Disease Control and Prevention has halted evictions for people who can't pay rent to help slow the spread of COVID-19. Since property owners are left paying mortgages, experts are forecasting a waterfall of evictions, and an influx of foreclosures. “We're just kicking the can down the road, just pushing the issue that it doesn't negate the rental lost income, the resident is still responsible for that after the moratorium ends, and in a lot of situations they’re going to be a worse state financially with all those back fees and things like that."
Elliott Hallum is the President of the non-profit Real Estate Investors of Nashville, and he's a residential real estate agent who has several rental properties. "I think they’re going to have to provide some rental assistance to the residents in order for them to make their payments."
Due to the pandemic, people across the mid-state have been affected by the economic downturn. "I want public officials to know that this is not a one side issue- that property owners are people too," Hallum said.
Hallum has reached out to local politicians as he believes renters will need monetary help if they're unemployed. He doesn't think a second stimulus check will be enough from the federal government. "I don’t think it’s going to move the needle too much because of cost of living, things like that. It’s going to have to be a robust policy that makes this right because it’s unfairly targeting property owners," Hallum said.
He hopes something will be done before 2021. In the meantime, there are several non-profits like the United Way and Salvation Army who are providing rent assistance for people in need.
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