Small-scale landlords, who may not have the financial reserves to weather the storm, need support so that they can renegotiate their loans or push their payments off as rental income declines. On March 23, Fannie Mae and Freddie Mac offered mortgage forbearance for multifamily buildings on the condition that they not evict their tenants. This is a start but does not account for a majority of multifamily mortgage debt not held by Fannie and Freddie.

A rent moratorium would be a direct and rapid infusion of resources to the households where they are needed the most. We favor a universal program without requiring proof of tenants’ having been directly affected by the coronavirus: “Means testing” during a crisis, and when the numbers are so high, risks missing many people in need and introduces unnecessary bureaucracy and costs. A rent moratorium should be thought of as a bailout for the most vulnerable and is less expensive than it might appear at first glance.

Some back-of-the-envelope math: Roughly 44 million households in the U.S. are renters, according to the latest data, and pay an average rent of nearly $1,500. This puts the total national cost of all residential rent payments at $66 billion per month.

This is a high estimate because it includes all residential rentals. Policymakers could exclude portions of the high-end, luxury rental market to reduce the cost. If we assume that the real estate sector absorbs some part of this cost, the figure could come to be even lower.

The most straightforward way to enact the policy would be for federal legislation to suspend rent payments and offer government-funded reimbursement to landlords. “Mom and pop” landlords who own one or two units, accounting for less than half of rental properties today, would be paid with public funds. But owners of larger properties, the institutional investors, would bear part of the cost in proportion to their size. The largest landlords would absorb the cost entirely.

To put these numbers in context, the proposed cost to public coffers for assistance to large businesses and local governments is greater than $500 billion, and the 2008 Wall Street bailout was authorized for $700 billion. The one-time $1,200 cash payment to tax payers is projected to cost approximately $290 billion.

On April 1, many rent payments will cease, whether a policy is in place or not. Already, calls for rent strikes have grown throughout the country as tenants organize in their buildings to collectively withhold payments.