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A new report from Goldman Sachs warns that up to 750,000 households are at risk of being evicted after the Supreme Court struck down the CDC's moratorium on evictions.
The financial services firm estimates that landlords are owed between $12 billion to $17 billion in back rent and that 2.5 million and 3.5 million households are significantly behind on their rent payments.
"The end of the eviction moratorium is likely to result in a sharp and rapid increase in eviction rates in coming months unless Emergency Rental Assistance (ERA) funding is distributed at a much faster pace or Congress addresses the issue," the report said, according to CNN.
Congress earmarked $45 billion to help renters who are struggling financially due to the coronavirus pandemic, but the rollout of those funds has been painstakingly slow. So far, just $25 billion has been dispersed to state and local governments, while only $4.5 billion has been distributed to those who need it.
According to the Household Pulse Survey conducted by the Census Bureau, an estimated 4.6 million households are at risk of being evicted or foreclosed in the next two months. California, Texas, and Florida are the top three states where evictions and foreclosures are likely to happen, with a combined 1.5 million households in danger of being evicted or foreclosed.