An “eviction cloud” that is likely to have dramatic impact not only on tenants but also rental property owners hangs over Florida, as described in a recent entry on the Business Law Section Blog of the Florida Bar. But investors and property owners throughout the United States also should take note of the issues involved and prepare for what lies ahead.
As noted in the blog post, state orders and now the CDC’s Temporary Halt In Residential Evictions To Prevent The Further Spread Of Covid-19 (“CDC Order”) have provided protections to tenants undergoing financial problems due to the pandemic and resulting job losses. But landlords have not found the same relief, leading to lawsuits in various states by property owners who are facing mounting mortgage debt.
The CDC order was set to expire at the end of 2020 but now has been extended to March 31, 2021. Experts estimate 30 to 40 million people around the country are at risk of being evicted once restrictions are lifted, according to the blog, with a resulting severe impact on the real estate market.
The Florida Bar encourages landlords and tenants alike to follow cases now winding their way through the courts as the “eviction cloud” grows darker. We encourage the same, regardless of where you live, as the resulting storm will be felt nationally.
To read the original blog post from the Florida Bar, click here.