Before the global pandemic took root in March, American households were already facing a crisis of rental housing quality and affordability, with renters across the country choosing between paying rent and their ability to pay for other basic necessities. The fallout from COVID-19 has seen millions of people lose their jobs, their income, and their ability to pay their rent. The hardest hit are those who are most in need, living at or near poverty and in marginalized communities. With federal recovery efforts having provided precious little resources dedicated to assisting renters, multifamily building owners are now facing mounting financial pressures due to a loss of rental income. At the same time, state and local governments are taking stock of their now greatly depleted budgets and proposing cuts to a myriad of programs and services, including affordable housing production.
In a recent article in CityLab, CPC’s President & CEO, Rafael E. Cestero discusses the impact that these interconnected, rapidly mounting pressures on renters, owners, and local government budgets could have on the state of affordable housing.