Mounting Unpaid Rent Risks U.S. Tidal Wave of Evictions
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P2JW302000-6-A00100-17FFFF5178F ****** WEDNESDAY,OCTOBER 28,2020~VOL. CCLXXVI NO.101 WSJ.com HHHH $4.00 DJIA 27463.19 g 222.19 0.8% NASDAQ 11431.35 À 0.6% STOXX 600 352.58 g 0.9% 10-YR. TREAS. À 7/32 , yield 0.778% OIL $39.57 À $1.01 GOLD $1,908.80 À $6.10 EURO $1.1797 YEN 104.42 CandidatesPound Campaign Trail With One Week to Go Antitrust What’s GES IMA Concerns ETTY News /G AFP Threaten WIN/ Business&Finance BALD ANT Visa Deal GR isa’s$5.3billion deal to AP; Justice Department VacquirePlaid, amajor CI/ playerinthe financial-tech- VUC scrutinizes $5.3 billion AN nologyarea, is in jeopardy EV planned purchase of because of JusticeDepart- ment antitrust concerns. A1 Plaid, a fintech firm /REUTERS; AMD plans to buy rival CKER Visa Inc.’s $5.3 billion deal chip maker Xilinx in a$35 bil- BE to buy amajor player in the fi- lion deal, adding momentum VID DA nancial-technologyareaisiN to the consolidation of the P; jeopardy because of antitrust semiconductor industry. B1 /A concerns,according to people South Korea’s GDP ex- HARNIK familiar with the matter. panded quarter-to-quarter, as Asian economies shakeoff NDREW By AnnaMaria the pandemic’sworst effects :A Andriotis, and return to growth. A1 LEFT Brent Kendall OM and Peter Rudegeair Microsoftposted another FR quarter of strong earnings WISE TheJusticeDepartment fueled by demand forcloud- OCK CL could decide soon whether it computing services,vid- FINAL STRETCH: Clockwise from left, Democratic presidential candidate Joe Biden greets supporters Tuesday in Atlanta; will sue to block Visa’s acqui- eogaming and computers. B1 Democratic vice-presidential candidate Sen. Kamala Harris attends a campaign event in Las Vegas; President Trump ar- sition of Plaid Inc., afirm that Caterpillar said quarterly rives in Lansing, Mich., for a rally; and Vice President Mike Pence speaks at a rally in Greensboro, N.C. A4 provides the technological in- revenue fell in each of itsthree frastructure underpinning an global businesssegments. 3M array of next-generation finan- said sales were down in about cial apps. half of itsbusinesslines. B1 Afterspending the better part of the year scrutinizing BP reported afifth con- Mounting Unpaid Rent Risks thedeal, the department is secutivequarterly loss, pro- concerned it could limit na- viding the firstglimpse of scent competition in the pay- howmajor oil companies nav- ments sector, people familiar igated the thirdquarter. B3 U.S. Tidal Wave of Evictions with the matter said. TheDow closed 0.8% TheJusticeDepartment has loweronTuesday, while been making preparations for the S&P 500 gaveup0.3%. potential litigation, including TheNasdaq rose 0.6%. B12 BY WIll PARKER rentersintounemployment Estimates of totaloutstand- ics estimates that it could lining up potential witnesses and draining their savings. ing rent debt vary widely. Yet reach nearly $70billion by foratrial, some of the people TheEPA will extend itsap- Fallout from missed rent Federal and local eviction by anymeasure, the effectsof year-end if thereisnoaddi- said. No final decision has proval of controversial weed- paymentsisthreatening a moratoriums have protected missed rent paymentsare tional stimulus spending. The been made. killersfor another five years, large swath of the U.S. popula- manyofthem from losing their bound to imperil millions of economic-research firm calcu- The department late Tues- avictoryfor agriculturecom- tion, as the expiration of evic- homes if they missed payments renters, pressurethe landlord lated that 12.8 million people day signaled its concerns in a panies Bayerand BASF. B3 tion bans draws near. during the pandemic.But the business, and wash over the in the U.S. would then owe an rare legal action that asks a Foreign direct investment Alarge number of renters national eviction ban and some broader economy. averageof$5,400 from missed Massachusetts federal judgeto in China largely held steady have been unable to paysome stateand city protections are Astudy of unemployed payments. order that Bain &Co.,which during the firsthalf,evenas or even all of their rent since set to expirebyJanuaryor workersreleased last week by Even the largerfigure has done consulting work for investment inflows intothe March, when the coronavirus sooner. Rentersthen will be on the Federal ReserveBank of would be far lessthan what Visa, comply with a civil sub- U.S. and EU plummeted. A8 pandemic temporarily shut the hook formonths of missed Philadelphia calculated out- waslost when the $1.3trillion poena and hand over work down most businesses. Many payments, which even those standing rent debt would subprime-mortgagebubble material related to the Plaid Raytheon said it is cut- businesses remain closed or whohavejobs could struggle reach $7.2 billion beforethe burst, leading to anational deal. The department alleged ting 20,000 jobs this year, only partially open, pushing to pay. close of 2020.Moody’s Analyt- PleaseturntopageA2 PleaseturntopageA6 up from a previously an- nounced 15,000. B2 Dodgers World-Wide Californians Weigh Win World Fallout from missed Series rent payments is threaten- Easing Longtime ing a large swath of the Los Angelescele- U.S. population as the ex- brates afterdefeat- piration of eviction mora- Property-Tax Cap ing the Tampa Bay toriums draws near. A1 Rays 3-1inArlington, Texas, Tuesdaynight. Democratsare making a Victory in thesix- latecampaign forayintosev- tinue to enjoythe state’s game series gave the eral traditionally GOP-leaning BY PETER GRANT AND CHRISTINE MAI-DUC longstanding limitsonprop- S Dodgerstheir first states,leaving Trump largely erty-tax increases. championship in 32 playing defense in battle- PRES Morethan 40 yearsafter im- “The proponentshavead- years. In an ironic grounds he wonin2016. A4 TED posing severerestrictions on optedadivide-and-conquer twistinapandemic- Trump is considering is- property-tax increases,Califor- strategy,” said MattRegan,a OCIA shortenedseason, SS suing an order mandating nia voters areweighing senior vicepresident of the Bay /A Dodger star Justin an economic analysis of whether to roll them back next Area Council, abusinessgroup Turner waspulled fracking,according to senior week,sending shiversthrough that opposes the measure. PHILLIP from the game after administration officials. A4 the state’scommercial real-es- “They’resaying we’reprotect- J. testing positivefor VID tate industry. ing residential taxrates,but DA Covid-19. A14 Philadelphia washit with AmeasureoNthe Nov.3bal- we’regoing to vote the com- asecond night of unrest sparked by avideo showing lot would makethe most signif- mercial property-tax payers off icant changes yetto1978’s the island.” policefatally shooting Wal- Proposition 13 by allowing local If fully implemented, Propo- terWallaceJr.,aBlack man governmentstobegin assessing sition 15 would generatebe- who washolding aknife. A3 TwitterCEO’s Hands-Off Style commercial property based on tween $6.5 billion and $11.5bil- Twokey Covid-19 metrics itscurrent value,rather than lion in additional annual tax have been rising in the capping increases from the last revenue forlocal governments, ComesUnder Pressure U.S. for days, and in some time it wassold. according to California’snon- cases weeks, pointing to a This year’s measure, known partisan LegislativeAnalyst’s fresh surge in infections in as Proposition 15,wouldn’t ap- Office. Proponentssaid the a majority of states. A7 ply to residential property,al- money is needed foreducation, PleaseturntopageA4 Jack Dorsey delegates big decisions while pursuing his own passions TheJusticeDepartment, lowing homeownerstocon- in alettertolawmakers, cited BY KIRSTEN GRIND AND GEORGIA WELLS people familiar with the matter. After a pub- restricted access to recent ar- ticles about Hunter Biden in Covid ClosedHong Kong’sBeaches, lic outcry, he posted on Twitter that block- calling forchanging alaw pro- TwitterInc. CEO and co-founder Jack ing link sharing with no context from the Dorsey found himself in the hot seat two company as to why was “unacceptable.” tecting online platforms. A10 But It Couldn’t Stop Swimmers weeks ago, when with little explanation the Mr. Dorsey’s absence from such a key de- Southern California Edi- iii platform he leads began blocking its millions cision isn’t unusual. At both Twitter and son told stateregulatorsthat of users from sharing links to a pair of New Square Inc.—the financial-technology firm itsgear mayhaveignited one Devotedoceangoersfound ways in, York Post stories about Joe Biden’s son, where he is also chief executive—current of apair of fast-moving wild- Hunter Biden. Within hours, lawmakers said and former employees say he is hands-off to fires in Orange County. A3 risking jellyfish, barnaclesand hefty fines they would subpoena Mr. Dorsey to explain the extreme, delegating most major deci- his decision. PleaseturntopageA10 TheJusticeDepartment can’t represent the presi- BY ERIN MENDELL chances in unofficial, open wa- But Mr. Dorsey wasn’t involved in the ini- dent in adefamation lawsuit ters—which lack the safety tial discussions about the move, according to DOJcites article access in bid to change law... A10 HONG KONG—For acity netsused to protect swimmers against him, ajudgeruled. A6 with moresea than land, Hong from sharks and other danger- Tropical stormZeta Kong has been making it very ous marine life, as well as churned intothe Gulf of Mex- difficult to go to the beach. boats. South KoreaExtends Asian Upturn ico, whereitwas expected to Weeks afterathirdwaveof Swimming pools,play- restrengthen intoahurricane the coronavirus pandemic was grounds,gyms and karaoke as it takesaim at Louisiana. A3 contained, resi- bars reopened, BY EUN-YOUNG JEONG year aftertwo straight quar- Barclays,after adecline the dentsherehave but not the offi- ters of contraction. previous quarter. CONTENTS Personal Journal A11-12 been baffled why cial beaches, SEOUL—South Korea’s South Korea’sbetter-than- The strong economic num- Arts in Review... A13 Property Report... B6 Business News.. B3,5 Sports....................... A14 beaches were still which also offer economyexpanded quarter-on- expected performancecomes bers underpin how swaths of Crossword.............. A14 Technology............... B4 a no-go zone.