The Problem With a Coronavirus Rent Strike

Millions of Americans will struggle to pay their rent on April 1. Efforts to flatten the curve of the coronavirus pandemic have delivered a hammer blow to the economy, and for the second straight week, the number of Americans filing for unemployment is likely to be staggering. Projections for new jobless claims for the last week of March run as high as 3.5 million, which would shatter the record set the week before. The New York Times estimates that 40% of renters in the hard-hit five boroughs of NYC won’t be writing rent checks this week.

Leaders are scrambling to contain the fallout for renters and homeowners. Congress and several federal agencies have introduced moratoriums on evictions and foreclosures for people living in homes backed by the government. Cities and state leaders have announced a number of measures to help keep people in their homes during the crisis, too. New York Mayor Bill de Blasio floated a proposal on Monday, for example, to let New Yorkers use their existing security deposits to pay their rent on April 1.