Show an ad over header. AMP

I am the FIRST

For the first time since March 2020, nearly all American renters can now be evicted

Nearly all American renters can now be evicted, for the first time since March 2020 — and a white-hot housing market is making eviction much more attractive for landlords.

Why it matters: There's an enormous pool of federal money available to protect renters who have fallen behind. But it's not going to stop hundreds of thousands of households from being evicted.


The big picture: Pre-pandemic, evictions tended to run at a rate of about 1 million per year. Since the pandemic hit, various federal and state moratoriums have brought that number down sharply, by about 60%.

Driving the news: The federal ban on evictions is no longer in effect, thanks to the Supreme Court, and while a handful of state eviction bans remain, nearly all of those will be gone by the end of September.

The other side: The government has earmarked $46.5 billion in emergency rental assistance (ERA), which should be more than enough to cover existing arrears. The problem is that money isn't going to renters.

  • It's distributed by the states, which are moving very slowly — New York State, for instance, has managed to spend less than 1.5% of its federal ERA funds.

By the numbers: According to the Census Bureau, 4.7 million American adults live in households "where eviction or foreclosure in the next two months is either very likely or somewhat likely."

  • If they're evicted, those families are much less likely to be able to find and keep steady work, and much more likely to end up living in crowded conditions conducive to the spread of COVID-19.
  • Goldman Sachs estimates that 750,000 households are likely to be evicted "in the fall and winter months."

The bottom line: The Supreme Court ruling is unlikely to unleash an immediate and massive backlog of evictions — such things wend their way through the courts slowly at the best of times, and the courts are understandably sympathetic to renters during a pandemic. But the number of evictions is still going to rise sharply over the coming months.

Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

Keep reading... Show less

Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

Keep reading... Show less

Scoop: Amazon quietly getting into live audio business

Amazon is investing heavily in a new live audio feature that's similar to other live audio offerings like Clubhouse, Twitter Spaces and Spotify's new live audio platform, sources tell Axios.

Why it matters: As with Amazon's efforts in podcasting and music subscriptions, the company sees live audio as a way to bolster the types of content it can offer through its voice assistant, Alexa, and its smart speaker products.

Keep reading... Show less

Hurricane Ida exposes America's precarious energy infrastructure

The powerful hurricane that plunged New Orleans into darkness for what could be weeks is the latest sign that U.S. power systems are not ready for a warmer, more volatile world.

The big picture: “Our current infrastructure is not adequate when it comes to these kinds of weather extremes,” Joshua Rhodes, a University of Texas energy expert, tells Axios.

Keep reading... Show less

"We must go further": 70% of adults in European Union are fully vaccinated

About 70% of adults in the European Union are fully vaccinated against COVID-19, Ursula von der Leyen, the president of the European Commission, said Tuesday.

Why it matters: The milestone makes the E.U. one of the world's leaders in inoculations, after an initially lagging vaccine campaign, the New York Times notes.

Keep reading... Show less

What Elizabeth Holmes jurors will be asked ahead of fraud trial

Jury selection begins today in USA v. Elizabeth Holmes, with the actual jury trial to get underway on Sept. 8.

Why it matters: Theranos was the biggest fraud in Silicon Valley history, putting both hundreds of millions of dollars and thousands of patients' health at risk.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories