The economic depression comes into focus
The economic collapse from the covid-19 lockdown is so enormous it boggles the mind.
Roughly 41% of working-age adults say their families have experienced a job loss, a decrease in work hours or other employment-related declines in income in recent weeks, according to a new analysis by the Urban Institute.
Underscoring the jump in financial distress around the country: More than 4 in 10 of Americans whose work was affected by the pandemic said they weren't able to pay the rent, mortgage or utility bills; skipped medical care; or were at risk of going hungry.
31% of survey respondents reported their families cut spending on food.
28% were forced to use savings or take on credit card debt to pay their bills.
69% of those whose family incomes were below the poverty level were unable to pay for their housing, were food insecure or were unable to seek needed medical care.
Nearly a third of US apartment renters did not pay their rent within the first week of April.
The coming tsunami of evictions will be brutal.
“Landlords are waiting to pounce; they’re salivating right now. This situation is ideal for landlords because they aren’t getting much money from these rent-stabilized apartments anyway,” Hanzal said. “They have an opportunity to sit by, lose some months’ rent, pay some legal fees to get people out, pay maybe $5,000 to renovate these long-neglected apartments, and drastically raise the rent.”
The City of Hollywood Park is trying to figure out how to clean-up an underground town of homeless people uncovered this week.