Taxpayers on the hook for nearly half of apartment building mortgages
(SCHIFF GOLD) – This is not the ideal time to own an apartment building. Millions are struggling to pay rent and despite the extension of the federal eviction moratorium through Jan. 31 in the latest stimulus bill, a lot of people will likely face eviction in the coming months. According to data released in November, 17 million households are behind on rent or mortgage payments.
Of course, this has a trickle-down effect. If renters can't pay their rent, that makes it difficult for apartment building owners to keep up with their mortgage payments. If they default, who's on the hook?
Increasingly, the U.S. taxpayer.
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