Economists fear national housing crisis

Coronavirus

(WHNT) – Economists worry that the federal aid that is being used to boost the economy now due to the coronavirus pandemic is only postponing a housing crisis.

The more than $2 trillion stimulus package gives protection to some Americans by delaying eviction and foreclosure. 

Dr. Solomon Greene from the Urban Research Group says that eventually, the rent will be due again and their needs to be a long-term plan in place.

“Renters are most likely to be the most hard hit by the crisis. They tend to have lower incomes. They also work in the industries that we’re seeing are losing jobs,’ said Greene.

Experts are comparing the predicted housing crisis to that of 2008. 

Some members of Congress say there need to be more incentives for home builders, while others say Congress should wait to see what happens before they put anything into action.

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