When the CARES act and the mortgage and eviction moratoriums contained within it expires on Dec. 31, it will predicate the largest transfer of wealth ever, from the poorest to the richest people in society. Congress has reportedly agreed to a $900B extension that would leave mortgage and tenant protections in place until Jan. 31, but there is no guarantee Trump signs it, and also there is no guarantee the next congress reauthorizes it. Currently, banks are extending mortgage loan forbearance, deferred payments and other protections to borrowers that represent nearly 10% of the U.S. population, and when those moratoriums end, banks will foreclose on the homes.

The banks do not want to hold distressed assets and will sell or auction properties in bundles of 100 or 500, meaning the majority of buyers for these properties will be large investors seeking to convert them to rental properties. Since none of the people who lose their homes have money or jobs, the newly homeless families will find themselves ineligible for rentals, which require income statements. As a result, homes will sit vacant while millions of Americans go homeless.

Peoples’ bills are piling up and while Biden can extend moratoriums, Congress is not guaranteed to cooperate. Additionally, many people are tapping money from their retirement accounts, which usually don’t have all that much money to begin with. This action will have disastrous spillover economic consequences down the line, making those people unable to retire at 65.