Multifamily

The impact of the coronavirus (COVID-19) is being felt across every sector of the U.S. economy as the virus continues to spread worldwide. The student housing industry is not exempt, as the number of colleges and universities canceling in-person classes continues to grow, with some requesting that students vacate residence halls immediately for the remainder of the spring semester. The number of confirmed cases in the U.S. has climbed to 10,442 and the death toll has risen to 150 as of March 19, according to The New York Times coronavirus case map. President Trump declared a national emergency on March 13, which gave him authority to use $50 billion allocated by congress for disaster relief to address the coronavirus crisis. The Trump administration broadened the government’s response to the pandemic on Wednesday, spelling out the first details of a $1 trillion economic package that requests an infusion of $500 billion for direct payments to taxpayers and $500 billion in loans for businesses from Congress, according to reports by The New York Times. President Trump also invoked a seldom-used wartime law that allows the government to press American industry into service to ramp up production of medical supplies. University and College Closures Universities are taking …