Coronavirus hits housing market as mortgage applications plummet
Real estate investor Tom Barrack on how the outbreak is impacting the housing market.
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Individual rent strikes have started to merge into a national movement.
As unemployment continues to rise in the U.S., financial pressure on the average citizen has increased even more. The federal government has taken several measures to curb the damage, particularly with a national suspension of evictions and foreclosures, but many feel that the measures fall short.
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Over the past week, the cloud-based messaging app Telegram saw a sharp increase in activity in a group chat called “US Rent Strike 2020.”
Now, in cities across the country -- including Austin, Chicago and New York -- the movement is gaining in popularity, with #CancelRent and #RentStrike trending on Twitter.
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The biggest push for the movement appeared on Reddit’s “DemocraticSocialism” thread. Joshua Collins, a congressional candidate from Washington state, took to the platform to share petitions for each state to help locals organize.
“Our primary demand is simple: for Governors to lead the effort to suspend the collection of rent & residential mortgage payments for at least 2 months. Utilities too,” Collins posted.
“I believe that if we are not working & being paid, our landlords & mortgage companies should sure …not be still getting paid," he added.
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The movement is gaining national attention but has seen significant popularity in New York City, where many have lost their jobs as “nonessential” workers and the average rent is far higher than that of the rest of the country.
New York State Sen. Michael Gianaris chimed in, tweeting that “The need to #CancelRent for 90 days cannot be overstated.”
“People CANNOT pay rent if they don’t have a paycheck," he added.
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Gov. Andrew Cuomo has already halted mortgage payments in the state for 90 days, but no such measure has been offered for renters.
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