What happens when 42 million Americans are evicted and no one rents or buys those homes they lived in?
- VanillaVoodooLv 66 months ago
Prices will drop.
I would sell now if I cared.
- Christin KLv 76 months ago
Many of those homes stand vacant until some real-estate developer with cash buys them and turns them into rentals, OR they attract squatters who are like cockroaches--it takes HUGE efforts to get rid of them.
Obviously, when someone is evicted and they leave, the home becomes vacant until the next tenant. I don't think landlords will have that much difficulty renting out vacant houses if the prices are reasonable. There aren't going to be 40 million vacant homes. There might be 40 million homeless tenants.
- babyboomer1001Lv 76 months ago
They become homeless, couch surf at a friend's house. And, the wealthy become even wealthier. A lot wealthier. The landlords/owners of those buildings who cannot afford the mortgage payments will be foreclosed on and the buildings will then be purchased by rich people. Someone WILL buy those buildings and houses. It would be a great opportunity for the rich.
- 6 months ago
Bad dreams for some and Dreamy Eyes for some !
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- linkus86Lv 76 months ago
They become homeless and rent prices drop like a stone. The property value would not suffer in the same way unless the landlords fell to foreclosure too, and that isn't nearly as likely unless the vacancies went on for years. Seems like a lose lose proposition, right? It is not. Because the properties will become vacant the landlord can then seek out renters who can pay rent. They can't collect from tenants who don't. Something is better than nothing. Sorry this doesn't fit into your narrative.
- ?Lv 76 months ago
Why would so many be evicted just because their old job is not available? There are plenty of online jobs, delivery driver jobs, food service jobs.
- Anonymous6 months ago
Real estate meltdown. Property price will drop by half. Rents will plummet at least that much. Its going to hurt RE next. Maybe a little, hopefully not this much.
- MaxiLv 76 months ago
Look forward to 42 million living on the streets in a cardboard city........
- 6 months ago
The words "domino effect" come to mind, asker. You ask a good question for these troubled times, so maybe you should consider doing a "Letter to the Editor" in prominent print newspapers to get other Americans to realize the consequences of having millions of Americans go homeless without prospects of a job due to the pandemic. The words ECONOMIC IMPLOSION equal to, if not surpassing, the Great Depression from 1929 through 1938 until FDR can into power to work with his Democrats-controlled Congress to turn the economy around.
Consumer spending at the low-income and middle-class levels is what helps grow the nation's economy from the ground on upward and outward---a "rising tide lifts all boats" sort of principle. If "42 million Americans" you cite have no home and no job for spending money, how will any of the small businesses survive? If those small business owners cannot move their stock, they will not be buying more supplies, so what does this do to shipping or to manufacturing? Our already great nation is in deep, VERY DEEP peril ("Everything Trump Touches Dies", 2020 by Republican strategist Rick Wilson), so if something is not done on an emergency basis to deal with the pending rental or housing crisis as well as the ever-worsening COVID-19 (testing, tracking, treating) crises, we can expect a depression the likes of which our nation has never seen.
- ScottLv 66 months ago
The homes are sold or kept by the owners.