CRE Daily
Posts
60,000 Households at Risk as Pandemic-Era Housing Aid Runs Out

60,000 Households at Risk as Pandemic-Era Housing Aid Runs Out

Tens of thousands of Americans could lose their homes as a critical pandemic-era housing assistance program runs out of money.

Jordan B.
April 23, 2025

Together with

Good morning. A pandemic-era housing program is ending—but it was never meant to fix a problem that existed long before COVID. Plus, Amazon has reportedly paused some of its data center leasing discussions.

Today's issue is sponsored by Agora—helping you turn prospects into investors.

You currently have 0 referrals, only 1 away from receiving Multifamily Stress Test Model.

Market Snapshot

S&P 500

GSPC

5,287.76

Pct Chg:
+2.51%

FTSE NAREIT

FNER

747.33

Pct Chg:
+1.81%

10Y Treasury

TNX

4.34%

Pct Chg:
-0.049

SOFR

30-DAY AVERAGE

4.32%

Pct Chg:
-0.00

*Data as of 04/22/2024 market close.

POLICY GAP

60,000 Face Eviction as Emergency Housing Vouchers Run Dry

Emergency housing support for 60,000 Americans is set to run out by 2026. The end of this short-term fix highlights the long-term cracks in the US housing system.

Funds drying up: Roughly 60,000 Americans face renewed housing instability as the Emergency Housing Voucher (EHV) program nears a funding cliff. Initially backed with $5B as part of the 2021 American Rescue Plan, the program was never meant to be permanent. HUD has warned local agencies to brace for the end, likely by late 2025, unless there is further congressional support.

Who’s affected: California (15,426), New York (9,463), and Texas (3,490) have the highest number of EHV recipients. These are individuals and families who have escaped homelessness, abuse, or exploitation, many of whom now face a renewed threat of housing loss as program funds dry up.

Temporary program, lasting problem: The EHV program was created to address the immediate fallout of COVID-19, not to permanently solve America’s affordable housing crisis. Like the broader Emergency Rental Assistance Program (ERAP), it was a short-term safety net passed with bipartisan support in response to dire eviction forecasts. Yet, both programs ended up filling long-standing gaps in a housing system that had been failing low-income renters well before the pandemic.

Fight for funding: While Democratic lawmakers, led by Rep. Maxine Waters, are pushing for an $8B extension, the Republican-controlled Congress appears reluctant to increase spending, especially as it prioritizes tax cuts. Housing advocates lobbying for the program admit the path forward looks bleak, calling the fight “an uphill battle.”

➥ THE TAKEAWAY

Long-term solutions: The looming end of EHV funding isn’t a policy failure—it’s a reminder that emergency programs can’t solve systemic issues. With or without EHV, the housing crisis persists. The real solution? Build more affordable housing, and create permanent, well-administered support for those who need it most.

TOGETHER WITH AGORA

Unlock strategies to increase investor conversions

Exclusive webinar: Turn prospects into investors

Investor onboarding shouldn’t slow down your fundraising efforts. The most successful firms simplify onboarding by eliminating, seamlessly converting prospects into committed investors.

Watch our expert-led webinar, Turn prospects into investors: The power of streamlined onboarding to drive conversions, and discover proven strategies to:

-Accelerate capital raising by simplifying investor onboarding
-Reduce errors and delays with efficient workflows
-Increase investor conversions with a frictionless process

Learn from real-world success stories and take the first step toward increasing investor conversions and raising capital faster.

*This is a paid advertisement. Please see the full disclosure at the bottom of the newsletter.

✍️ Editor’s Picks

At a Crossroads: Don't miss the 2025 Real Estate Symposium at Harvard this Saturday! Hear from real estate executives from around the world. Last chance to register with CREDaily25 code. (sponsored)
Restructuring wave: CRE loan modifications have skyrocketed to $39.3B, nearly doubling in a year as market volatility pushes borrowers and lenders to restructure at unprecedented levels.
Bond backing: The UN has issued $365M in municipal bonds to renovate One and Two UN Plaza, with NYC backing the debt and total project costs reaching $548M.
Sentiment shift: Consumer uncertainty, driven by economic headwinds and declining sentiment, could challenge multifamily demand in 2025 despite solid fundamentals and ongoing in-migration in key markets.
Red tape: LA Mayor Karen Bass unveiled a $14B budget proposal that includes expedited permitting and AI-driven plan checks to overhaul a broken system.
Regulation rollback: Florida lawmakers are weighing a bill that would eliminate the state’s real estate commission, drawing backlash from industry leaders who warn it could destabilize the market.

🏘️ MULTIFAMILY

Free market: NYC’s multifamily market surged to $2.21B in Q125, up 62% YoY, driven largely by free market assets.
Student trends: As international enrollment climbs, affordability, walkability, and culturally sensitive amenities top the housing wish list for global students in the US.
Luxury loan: Starwood Property Trust has provided a $350M refinancing loan for Rafael Viñoly’s luxury Manhattan condo tower, with brokers citing a "significant rate reduction" as part of the deal.
Low-cost living: Eight submarkets across major US cities still offer rents below $1,000, with Cleveland’s Euclid submarket leading at just $839/month.

🏭 Industrial

Expansion pause: AWS has reportedly paused some data center lease deals, mainly outside the US, as it reassesses recent aggressive expansions.
Industrial edge: Detroit’s industrial market stands out nationally with the lowest availability rate among the 12 largest markets, thanks to restrained construction and just 3% inventory growth since 2019.
Four-mile sale: Four Mile Industrial Park in Virginia has sold for $38M in a fully leased, 221 KSF portfolio trade.
Empire buy: Faropoint has acquired a four-building, 243 KSF industrial portfolio in Ontario, CA for $63.6M, targeting high-demand, small-bay assets.

🏬 RETAIL

Vegas vacancy: Las Vegas retail posted its first negative absorption in five quarters, dropping 126 KSF in Q125, as store closures pushed vacancy up to 4.3%.
Mall madness: Simon Property Group is revamping two of its aging Orange County malls with open-air lifestyle additions and trendy retail as it capitalizes on one of the tightest retail markets in the country.
Pretax potential: Billions in pretax dollars go unused yearly—retailers are pushing to capture the overlooked health spending opportunity

🏢 OFFICE

Savings stall: Federal office lease reductions dropped sharply in March, down 94% from February, bringing annual rent savings to $5.23B.
Empty space: Boston’s two largest spec office towers are set to deliver this summer mostly empty, as corporate relocations slow and leasing decisions stall.
Mission leasing: Brooklyn’s office market is finding new life as education and nonprofit tenants drive leasing activity, helping repurpose space and stabilize demand.
Heating up: San Francisco’s office market is gaining traction as distressed towers hit the market and opportunistic buyers pounce on discounted assets.
Mid-market momentum: Manhattan’s top Class B office buildings are nearing full occupancy, as sustained demand for affordable, well-located space creates a supply crunch.

🏨 HOSPITALITY

Downtown refi: Peachtree Group has provided a $68.15M floating-rate loan to refinance Nexera Capital’s newly opened 200-room AC Hotel in Downtown Seattle.

📈 CHART OF THE DAY

Multifamily permits and starts may have bottomed out, with March data showing the first signs of stabilization and potential growth after a prolonged construction slowdown.