I think it is an imbalance caused by the crisis.

The drop was partly caused by the self-inflicted economic crisis in Brazil and accelerated with Covid.

Also, does your area not have a housing crisis?

The moratorium will apply to those individuals who expect to earn $99,000 or less in 2020 (or couples filing jointly who expect to earn $198,000 or less)—those who received a stimulus check this year, or would have been eligible based on their 2020 income, are also eligible.Renters seeking protection under the new program must certify that they are unable to pay their rent because of the coronavirus crisis, that they are likely to become homeless if they are forced to leave their homes, and that they undertook their best effort to obtain other government assistance to make their rental payments.Renters who receive protection under the program will also have to certify that they are paying as much rent as they can afford, the CDC order says.

Trying to borrow into rising interest rates risks a true crisis in government debt and the potential for serious inflation as the Fed monetizes the debt at the Federal level.The stock market, which has seen recent valuations in-line with the most extreme bubbles in history, is now showing serious signs of deterioration.Credit spreads have been silly-low for a long time and are now starting to widen.Cracks are forming in the high end real estate markets - Seattle, San Fran, New York.

I might be asking the obvious, but wondering if more experienced folks like you can throw more light on this other than the obvious.This matter was discussed on BiggerPockets 10 years ago as the Financial Crisis of 2008 was unfolding:Can a Bank call the loan?

Unfortunately, I think that we are going to experience a major global economic crisis in 2020-2021.

You made some excellent points and I'm sure you were being diplomatic about it.  

Alas, after the Fed’s recent confirmation/announcement regarding raising interest rates, we believe that crypto assets will be affected significantly as the asset class as a whole will face a completely different macro environment for the first time.Since the financial crisis in 2009, the Fed has never really been in a “let's raise interest rate” mode with the exception of a few occasions that would eventually get reverted due to the market’s reactions.

Presumably, rents will continue to rise as the housing crisis in every major metro continues and as they rise his cashflow will shift to positive soon.