Goldman Sachs: 750K Homes Face Eviction This Year

With the federal ban on evictions nullified, economists are painting a grim picture for millions of Americans behind on rent.

A new report from Goldman Sachs estimates that 750,000 rental households could face eviction this year if the slow rollout of rent relief persists in the absence of another moratorium.

Analysts at the banking giant estimate that 2.5 to 3.5 million American households are behind on their rent, Politico reported, owing landlords a combined $12 billion to $17 billion across the country.

Last week, the Supreme Court blocked the Biden administration’s latest federal eviction moratorium, clearing the way for eviction proceedings to start across the country.

Some renters remain protected by state or local bans, many of which will expire in the coming weeks without further action from lawmakers. New York’s moratorium is set to end Tuesday, though state lawmakers, facing political pressure to extend it, will reportedly convene in Albany for an emergency session Wednesday.

Attorney General Merrick Garland sounded the alarm on Monday, predicting that eviction filings could “spike to double their pre-pandemic levels” in the next two months.

Eviction Crisis Prompts Attorney General Merrick Garland’s Call to Action to Legal Community #RentalAssistance #KeepPeopleHoused pic.twitter.com/324rReRm3K

— Justice Department (@TheJusticeDept) August 30, 2021

For many renters, the last hope is receiving funds from the federal rental assistance program, which has been sluggish in distribution. By the end of July, just over 11 percent of the $46.5 billion in funds had been disbursed nationwide by state and local governments, the AP reported, citing Treasury Department data.