HOW BIDEN’S FIRST EXECUTIVE ORDERS WILL IMPACT CRE
January 20, 2021 | Dees Stribling and Christie Moffat
Newly inaugurated President Joe Biden signed 17 executive orders, memorandums and proclamations on Wednesday afternoon, aiming to set the direction of his administration as well as undo various policies of the previous one.
Two will have particular ramifications in commercial real estate — the extension of the federal eviction moratorium and the U.S.’ re-entry into the Paris Agreement on Climate Change.
Biden further extended the multifamily eviction moratorium, which was enacted by the Centers for Disease Control and Prevention in early fall at the direction of the Trump administration. The original order expired at the end of 2020, but was extended by the second stimulus bill until the end of January. The new order extends the moratoriums on evictions for nonpayment of rent or mortgages until March 31.
The eviction moratorium is aimed at addressing the increasingly serious matter of tenants who cannot pay their rents. More than a quarter — 28% — of U.S. renters are starting the year with unpaid rent bills from previous months, according to a new survey by Apartment List. Rent debt is concentrated among minority renters, and 53% of Black renters are now burdened with unpaid housing bills, according to Apartment List….
