Renters vs. Homeowners: Income and Liquid Asset Trends during COVID-19

Greig, Fiona; Zhao, Chen; LeFevre, Amnesty

doi:10.2139/ssrn.3807563

Cited by 2 publications

(1 citation statement)

References 4 publications

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“…The results are significant even after controlling for whether respondents received permission to delay or reduce mortgage payments and whether respondents lived in states that limited or stopped enforced evictions, both of which allowed for flexibility in mortgage payments during the pandemic (Engelhardt & Eriksen, 2020). Even after controlling for COVID‐19 related government supports, such as expanded unemployment insurance benefits and stimulus checks, which dramatically boosted US residents' cash flow (Greig et al, 2021), the co‐occurrence of the two events exacerbated their economic status, especially housing hardship.…”

Section: Discussionmentioning

confidence: 99%

The effect of natural disasters on household economic hardship during a pandemic

Lim

Shin

2022

Journal of Consumer Affairs

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The year 2020 provided a rare opportunity to examine how US households experience economic hardship when natural disasters occur during a large‐scale public health crisis, such as the COVID‐19 pandemic. Using a nationally representative sample of adults, this study examines the effect of natural disasters on household economic hardships during a pandemic, measured by food insecurity, mortgage or rent delinquency, and unemployment. The study estimated individual fixed‐effect models after controlling for time trends and time‐variant covariates. We find that while a disaster incident in the community during a pandemic is not associated with household economic hardships in aggregate, its effects are experienced differently by people according to the community‐level severity of COVID‐19 and the individual‐level factors characterized as vulnerability and resilience. Our findings have implications for targeted disaster relief and for building resilience among residents to adverse events.

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Section: Discussionmentioning

confidence: 99%

The effect of natural disasters on household economic hardship during a pandemic

Lim

Shin

2022

Journal of Consumer Affairs

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Algorithm Transparency through the Fair Credit Reporting Act (FCRA)

Schmeckpeper

Roberts

Ouellet

et al. 2021

JSPG

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Racial discrimination in housing has long fueled disparities in homeownership and wealth in the United States. Now, automated algorithms play a dominant role in rental and lending decisions. Advocates of these technologies argue that mortgage lending algorithms reduce discrimination. However, “errors in background check reports persist and remain pervasive,” and algorithms are at risk for inheriting prejudices from society and reflect pre-existing patterns of inequality. Additionally, algorithmic discrimination is often challenging to identify and difficult to explain or prosecute in court. While the Federal Trade Commission (FTC) is responsible for prosecuting this type of discrimination under the Fair Credit Reporting Act (FCRA), their enforcement regime “has inadequately regulated industry at the federal and state level and failed to provide consumers access to justice at an individual level,” as evidenced by its mere eighty-seven enforcement actions in the past forty years. In comparison, 4,531 lawsuits have been brought under the FCRA by other groups in 2018 alone. Therefore, the FTC must update its policies to ensure it can identify, prosecute, and facilitate third-party lawsuits against a primary driver of housing discrimination in the 21st century: discrimination within algorithmic decision making. We recommend that the FTC issue a rule requiring companies to publish a data plan with all consumer reporting products. Currently, the FTC recommends that companies make an internal assessment of the components of the proposed data plan to ensure that they are not in violation of the FCRA. Therefore, requiring that these plans be published publicly does not place undue burden on companies and empowers consumers to advocate for themselves and report unfair practices to the FTC. Coupled together, these will reduce the costs of investigation and enforcement by the FTC and decrease the discriminatory impact of automated decision systems on marginalized communities.

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Renters vs. Homeowners: Income and Liquid Asset Trends during COVID-19

Cited by 2 publications

References 4 publications

The effect of natural disasters on household economic hardship during a pandemic

The effect of natural disasters on household economic hardship during a pandemic

Algorithm Transparency through the Fair Credit Reporting Act (FCRA)

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