Rep. Ilhan Omar introduced a bill into the House of Representatives that will institute the cancellation of rent and home mortgage payments for taxpayers across the United States, throughout the duration of the coronavirus pandemic.
The Rent and Mortgage Cancellation Act would constitute full payment forgiveness from loan holders, no debt accumulation for renters and homeowners throughout the pandemic’s entirety and no negative affects towards a person’s credit rating or rental history.
In order to counterbalance the inevitable loss in revenue property owners will incur while waiving tenant payments, the legislation intends to install a relief fund to cover the losses sustained by landlords and loan holders.
Additionally, the bill intends to introduce a separate relief fund option that would finance the purchase of rental properties and public housing in order to raise the availability of affordable housing during the crisis. “The coronavirus crisis is more than just a public health crisis—it’s an economic crisis. Minnesotans are losing jobs, getting their hours reduced, and struggling just to put food on the table.” said Omar. “We must take major action to protect the health and economic security of the most vulnerable, including the millions of Americans currently at risk of housing instability and homelessness.”
With Omar as the lead sponsor, the new bill is also cosponsored by Rep. Alexandra Ocasio-Cortez (D-NY) and Rep. Rashida Tlaib (D-MI), among others. “Congress has a responsibility to step in to stabilize both local communities and the housing market during this time of uncertainty and crisis,” Omar concluded. “In 2008, we bailed out Wall Street. This time, it’s time to bail out the American people who are suffering.”
Ocasio-Cortez on her own has recently pushed for other forms of relief for American taxpayers requesting the United States government to implement sweeping measures in order to stagger the effects of the coronavirus on the American public.
She proposed that the legislature expand its financial and health commitments to the American public during the upcoming months, which would include scaling up Medicare or Medicaid to cover all citizens, creating a universal basic income, limiting requirements for food-stamp assistance and temporarily suspending student debt collection. “This is not the time for half measures. We need to take dramatic action now to stave off the worst public health & economic effects,” AOC tweeted in March. “That includes making moves on paid leave, debt relief, waiving work req’s, guaranteeing healthcare, UBI, detention relief (pretrial, elderly, imm).”
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