25% of folks in NYC, the largest rental market in the US, haven't made rent payments since March. NYC has put a hold on evictions, but their owed rent is still building up. The majority of Americans weren't able to cover an unexpected $500 expense before the pandemic hit. The full depth of how bad this is going to get hasn't hit most people nor has it hit the markets.
The blanket eviction moratorium has expired in NYC. You can now be brought to court for failure to pay, but if you can prove financial hardship they can't kick you out. This is a fairly substantial burden. I'm afraid what will happen since people can't afford rent let alone legal representation.
