Advertisement

Some renters are set to face evictions amid coronavirus crisis

Yahoo Finance’s Sibile Marcellus joins Seana Smith to break down how some renters in Florida may soon be facing eviction notices amid the coronavirus crisis.

Video Transcript

SEANA SMITH: Well, I want to turn to the latest in the economic fallout contributed by the coronavirus. And that's as it pertains to rent. So a moratorium on rents is set to expire in some states across the United States. So for example, take a look at what's happening in Florida. Its moratorium on evictions is set to expire on Sunday. We have Sibile Marcellus with more details on this, and what it could potentially mean for so many renters in the state. Sibile?

SIBILE MARCELLUS: So Seana, there is a moratorium on evictions through the CARES Act. So that is helpful for Americans who are faced with a pandemic. The problem is that it applies to certain properties, such as properties with federally backed mortgages and public housing. But when it comes to other forms of property, the regulations vary state by state. And we want to double down on Florida because that eviction moratorium is set to expire this week, this Sunday, May 17th. So if the governor does not extend it, then many Florida residents could be evicted, or at least the eviction process could be started against them by their landlords.

ADVERTISEMENT

Now, the reason why this is so critical for Florida residents is because only 28% of people who filed for unemployment benefits since the coronavirus shutdown have actually received benefits. So there are still so many people who are living on the edge, who need the money, who probably have not paid their rent, and who could be severely impacted by this.

SEANA SMITH: Yeah, and Sibile, this is something that varies from state to state, right? So while this is happening in Florida on Sunday, the moratorium is set to expire, I mean, if you look across the US, say Wyoming, South Dakota, Missouri, Idaho, for example, they obviously have different rules or different moratoriums in place.

SIBILE MARCELLUS: Yes, exactly. So it depends on the state to see what the eviction moratorium is actually going to be, what the date is, and whether or not it's going to be extended. So for many states, the governors have put orders in place to give people rent relief during the coronavirus pandemic. But it varies. So for example, in New York, Governor Cuomo recently extended the eviction moratorium by two months, to August 20th. So landlords can't begin an eviction process against you during this time. But in other states, like Connecticut, landlords can't begin eviction proceedings until July 1st. You look at Delaware and Nevada, landlords can't charge late fees, even though there is an eviction moratorium, but in Illinois, they can. And despite the coronavirus, some states actually have not put any rent relief for their residents, and eviction process can be started against their residents. For example, in states like South Dakota, Missouri, and Idaho.

SEANA SMITH: All right, Sibile, thanks so much.