Thursday, Rep. Ilhan Omar introduced “the Rent and Mortgage Cancelation Act” which she declared “would permanently cancel all rent and mortgage payments until April 2022.”
“Right now, we are facing an unprecedented crisis that has led to millions of Americans at risk of housing instabilities and homelessness,” Omar said during a press conference.
The bill would cancel rent until April 2022 while establishing a relief fund for landlords and mortgage holders to cover losses from canceled payments. It would also create an optional buyout fund to finance the purchase of private rental properties by nonprofit groups, state and local governments, and other organizations.
Rep. Ilhan Omar: "I introduced the Rent and Mortgage Cancelation Act, which would permanently cancel all rent and mortgage payments until April 2022." pic.twitter.com/u6hyM6F5na
— The Hill (@thehill) March 11, 2021
One Twitter user replied: “Should call it the “landlords go f*ck yourself” act”
How will the owners of these apartments pay their bills?
Nothing is free.
We could simply pass UBI, and solve this whole issue.”
Another replied “While I’m all about helping the people impacted by the pandemic, this is something that needs to be well thought out, for the landlords, owners, and lenders. This could set off another bubble burst similar to 2007-09 if executed poorly.”