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The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

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Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
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The CDC is extending its eviction ban through June 30

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
March 29, 2021, 11:42 AM ET
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Tenants who have fallen behind on their rent payments will not have to worry about the threat of eviction for a few more months.

The Biden administration has extended an existing federal policy that prohibits landlords from evicting renters for nonpayment through June 30. The policy, put in place earlier in the pandemic, had been set to expire on March 31.

The Centers for Disease Control and Prevention, which is overseeing that policy, issued the order Monday. The issue is seen as a public health imperative, as people who were displaced from their homes could be forced into crowded alternatives, such as shelters.

“The COVID-19 pandemic has presented a historic threat to the nation’s public health,” CDC director Dr. Rochelle Walensky said in a statement. “Keeping people in their homes and out of crowded or congregate settings — like homeless shelters — by preventing evictions is a key step in helping to stop the spread of COVID-19.”

In a separate program, homeowners who are behind on their mortgages can apply for federally backed forbearance through June 30.

A study by the National Multifamily Housing Council found that roughly 20% of apartment households made a full or partial rent payment by March 6 this year. That’s down 4 percentage points from a year ago, though is slightly better than February.

The action applies to individuals who earn less than $99,000 a year and couples who make under $198,000. Renters will also have to formally declare they’re unable to pay their rent and eviction would result in them living with others or becoming homeless.

Congress has earmarked over $45 billion in aid for renters, $25 billion of which was approved last December. The disbursement has been delayed, though, as the focus has been on distributing stimulus checks so far.

The moratorium on evictions isn’t without opponents. Landlords have been strongly opposed to the order, saying they shouldn’t have to support people who aren’t paying.

About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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