Unless the average rent is under $10/mo. there's a need for some very serious financial help. In NYC for example, a cheap one bedroom goes for 1,200/mo this being July, people lost their jobs 5 months ago and are some 5,000 behind in rent for low ball. Where will this money come from so they can keep their homes? The "re-opening" isn't going to help much since, most recreational businesses lose money 2 or 3 days per week and count on overly heavy business over the weekends to make up. But with occupancy cut down, restaurants aren't going to get their heavy weekend traffic, making all 7 days nothing but losses. How long they can carry such a load is unlikely to be very long. But as businesses fail they vacate real estate which impacts the entire market, while tenants leaving throws a massive block of apartments on the market, depressing that market and possibly putting landlords into foreclosure. While foreclosures hurt banks and depress housing prices it's a mushrooming snowball rolling down hill. Can it be stopped? Only a comprehensive package of bailouts for the common man will stave off a decades long depression.
A collection of articles defining our times. The pages contain clickable links, don't let the titles fool you, some of the best articles have very non-descript titles and there are usually more articles on the matters in the days and week pages the links land on so it's a sort of treasure hunt through history, Enjoy!
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