Housing Subcommittee Holds Virtual Hearing on Impact of COVID-19 Crisis on Renters
Washington,
June 10, 2020 -
Today, the Subcommittee on Housing, Community Development, and Insurance held its first virtual hearing—the second for the Committee overall—on the economic impact of COVID-19 on renters and housing providers. Committee Republicans remain focused on solutions that are data-driven and targeted toward those who need it most, while also addressing the underlying state and local regulatory issues that burdened renters long before the coronavirus pandemic.
In his opening remarks, Subcommittee Ranking Member Steve Stivers (OH-15) spoke about the appropriate response to best assist renters in economic distress:
“As I mentioned at a recent virtual roundtable, Congress has taken extraordinary steps to deal with the unprecedented public health crisis and its impact on the economy. The $2 trillion of spending in the CARES Act, combined with trillions from the Federal Reserve would have been unthinkable sums at the start of 2020, but there has been bipartisan consensus on those items, because of the severity of the problem.
“The CARES Act and its implementation have not been perfect, but with respect to housing security, it’s clear that the law’s forbearance provisions, combined with extended unemployment insurance programs, have helped sustain individuals through the last few very difficult months.
“Now, all 50 states have begun to reopen their economies and the Bureau of Labor Statistics reported that in May the economy added 2.5 million jobs, but unemployment remains unacceptably high. We find ourselves in a rapidly evolving situation and Congress and the Administration must evolve our response to meet those demands. I’m keeping an open mind about what that response should look like, but it’s clear that we should focus on the formula that worked in the CARES Act.
“Namely, we need to focus, number one, on real problems that are demonstrated by the best and most appropriate data. Number two, it should not be previous policy goals by Republicans or Democrats that predate the pandemic, but should be a response. Number three, it should truly help the housing and rental markets, not harm them through unintended consequences. And number four, it should be bipartisan.”
Witness list:
Watch the full virtual hearing here.
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.
