Biden unveils plan to cap rent hikes

Biden Proposes Measures to Lower Housing Costs #

President Joe Biden has unveiled a plan to address the issue of housing affordability amidst inflation and rising home prices. The proposal consists of two parts. The first part involves withdrawing tax credits from landlords who increase rent by more than 5% per year for the next three years, applicable to landlords with over 50 units in their portfolio. The second part incentivizes the construction of new rental properties to increase the housing supply. Biden’s plan aims to alleviate the burden of housing costs for American families.