Italy is now under full lockdown due to the pandemic. And the Italian government has announced an interesting economic stimulus policy to help people when they're unable to work: suspending mortgage payments:
Payments on mortgages are to be suspended in Italy due to the coronavirus outbreak, the country’s government has announced.
[...]
When asked about the possibility of halting mortgage payments on Radio Anch’io, Laura Castelli, the deputy economy minister, said: ”Yes, that will be the case, for individuals and households.”
I'm not sure about home ownership rates in Italy, or whether they have a similar plan to suspend rents, but the intention is clear: make the banks, rather than people, pay for the pandemic. Of course, they'll get their money eventually - the important term is "suspended", not cancelled, and it effectively just extends the mortgage term - but it means they'll effectively be providing a giant loan to the public for the duration of the crisis. Its not a complete solution - obviously, it does nothing for renters - but its an partial one, and one which puts costs where they can be best handled. Sadly, the New Zealand government is unlikely to do anything of the sort.
