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As part of his Day One executive actions, President-elect Biden will ask the Centers for Disease Control and Prevention to "immediately" extend the federal eviction moratorium until the end of March and ask other federal agencies to extend foreclosure moratoriums on federally-backed mortgages.
Why it matters: The coronavirus pandemic has thrown millions of people out of work and resulted in many unable to pay their rent or mortgages. The moratorium was scheduled to expire on Jan. 31. As the deadline approached, the Urban Institute warned of a "looming evictions cliff" as renters reported they would be unable to make payments.
- By the numbers: Approximately 19% of renters were behind on their rent in December, per government data.
The big picture: Last week, Biden unveiled his $1.9 trillion coronavirus relief plan, adding that the plan would provide $30 billion to renters to cover housing and utility costs.
- Another $5 billion would go towards people experiencing homelessness.
- Biden's plan also includes raising federal unemployment insurance to $400 a week and a third round of stimulus checks.
Worth noting: Experts have argued that Biden should take more aggressive measures to protect renters, as "the moratorium lacks enforcement mechanisms," Market Watch writes, and people have continued to be evicted even when they should be protected by the restrictions.