I sat and watched a piece off YouTube which chatted to a state by state problem....people basically using whatever law or situation possible to delay rent, because of their pandemic/Covid situation.
In the last couple of months....the court system has begun to catch up and landlords are on the offensive....evicting people who haven't paid, and this presents an interesting side-story.
The amount of rent from 2020/2021 which is in this bucket (maybe never to be paid)? CBS says it's near $53-billion dollars.
So the question in mind (there are three really):
1. What happens if the majority of these are evicted and the $53-billion is never paid? Doesn't a crisis come out of that?
2. If you add it up and there's 30-million in this category (mentioned in this YouTube presentation), what exactly will happen on eviction day? Do they just move out on the street, or into their car?
3. Finally, this would all start to occur on 1 July, unless Biden and the House/Senate went to some extension. At this point, I think it's too late. The question is....where do 30-odd million people go to hang out?
So my two general predictions. First, if you live in a red-state and have access to a job....you are going to get employed....find cash-flow and maybe side-step this mess. If you live in a blue-state, you are going to live out of the car for the next six months (probably moving to a warm state like California or Florida). Second, on that angle to hyperinflation and serious political chaos....Biden's charm has hit the high plateau at this point in 2021.
As for things looking a lot like the 1930s? Well....yeah....that might be true.
