Covid-19 pandemic could cause housing crisis in US
28 May
The lockdown measures imposed due to the Covid-19 pandemic has forced workers to stay home and unable to work and earn money.
The unemployment benefits offered by the US government are not reaching the workers due to delays and eligibility issues.
As a result, the pandemic may cause a housing crisis as workers are unable to pay rent.
Pedro da Costa, Federal Reserve and economy watcher at Market News International, on how the pandemic may result in homelessness in the US.
California is expected to face an increase of 20% in homelessness and a more severe rate in other parts of the US.
If the economic downturn continues, the US is expected to witness more evictions and foreclosures than those recorded during the Great Recession.
Experts believe that it is essential that the government cover the costs of rent and help workers and landlords to avoid a housing crisis.