Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Houses in the Fairlawn neighborhood in Washington, D.C. on June 14. Photo: Craig Hudson for The Washington Post via Getty Images

Millions of homeowners are delinquent on their mortgage, and after the foreclosure moratorium expired Saturday, many of them face the threat of eviction, the Washington Post reports.

Why it matters: About 1.8 million homeowners are still enrolled in forbearance, a provision that allowed monthly mortgage payments to be deferred, as the program ends next month.

  • Without the protections of the federal ban on foreclosures, individuals who are still in forbearance may be evicted or displaced if selling is the only option.
  • An estimated 1 in 10 borrowers in forbearance will not have enough equity to sell, per the Post.

The big picture: House Democratic leaders did not secure enough votes to pass legislation that would have extended the foreclosure moratorium last Friday.

  • After the House adjourned, three U.S. agencies extended their federal foreclosure-related eviction moratoria to protect renters.

What they're saying: “For them to allow us to do the forbearance, it was a blessing,” Laura Landry, a New Orleans homeowner, told the Post.

  • "But then when you think you got to make all those payments all at once again eventually, that’s when reality wakes you up," she continued.

Go deeper

What's driving the dip in Philadelphia's affordable housing

A view of red brick row houses of Philadelphia. Photo: Joe Sohm/Getty Images

Are tenant protections put in place during the pandemic leading to a decrease of affordable housing in Philadelphia?

What's happening: Drexel University economist Kevin Gillen told Axios that anecdotal evidence suggests the supply of low-income and moderate-income rental housing in Philly is trending downward.

  • Small landlords own the bulk of the city's affordable rental stock. And many have been selling their units, upgrading them to charge higher rents or are being more selective when choosing tenants, like requiring higher credit scores, according to the Homeowners Association of Philadelphia (HAPCO).
  • Gillen said this reduces the supply of affordable rental housing in the city.

By the numbers: 1,812 single family rental properties were converted from renter-occupied to owner-occupied between January 2020 and August 2021, Gillen said.

  • Of note: Nearly 21% of Philly landlords listed properties for sale in 2020 — a steep increase from 3.5% in 2019, according to an August report from researchers that included the University of Pennsylvania's Housing Initiative at Penn.

What they're saying: Gillen blamed the expired eviction moratoriums and the city's Eviction Diversion Program, which requires landlords and tenants to resolve issues through mediation. (The program also mandates a 45-day wait period for landlords to seek a court eviction order.)

  • "The moratorium may have been well-intentioned … but it's having some very regressive effects," he said.

Greg Wertman, president of HAPCO, told Axios that the pandemic, expired eviction moratoriums and new tenant protections have reduced rent collections and hurt small landlords.

  • "It's always the little guy who's getting hurt," said Wertman, whose group represents approximately 1,600 small landlords, most of whom have one or two units.

The other side: Councilperson Helen Gym, who spearheaded the Eviction Diversion Program, called Gillen's claims linking the program to a drop in affordable housing "ridiculous" and baseless.

  • Gym also noted that the local eviction moratorium ended in August 2020. The federal moratorium expired in August of this year.

Between the lines: Emily Dowdall, policy director at the Reinvestment Fund, said in an email that there are several market forces at play encouraging landlords to sell rather than rent.

  • Low interest rates during the pandemic created an advantage for new homeowners, and a city-funded initiative during this time helped moderate-income households move to homeownership.

Dowdall added that housing has become less affordable because home prices rose faster than incomes during the pandemic.

  • Philadelphia home prices jumped nearly 13% over 2020, while incomes were up 7.3%, she said.
  • "Rising sale prices can make the prospect of selling one's rental property more appealing," she added.
Updated 3 hours ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 4 hours ago - Science

This powerful new accelerator looks for keys to the center of atoms

Illustration: Eniola Odetunde/Axios

Nuclear physicists trying to piece together how atoms are built are about to get a powerful new tool.

Why it matters: When the Facility for Rare Isotope Beams begins experiments later this spring, physicists from around the world will use the particle accelerator to better understand the inner workings of atoms that make up all the matter that can be seen in the universe.