(CNBC) – The Covid pandemic caused a surge in housing costs and a rise in unemployment, leaving nearly 600,000 Americans unhoused in 2020.
“What people don’t typically realize when they walk past a person who’s homeless is that this person is costing taxpayers a lot of money,” said Sam Tsemberis, chief executive officer at Pathways Housing First Institute.
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In 2019, New York City spent a record-breaking $3 billion to support its homeless population. California is also expected to break its record, allocating $4.8 billion to the same issue over the next two years. Despite the rising budget, overall homelessness in the U.S. has improved by only 10% compared with 2007. It’s even worse for certain subgroups, such as individual homelessness, which dropped by only 1% in the same period.