White House Proposes Capping Rent Increases to Lower Housing Costs

President Joe Biden could cap rent increases across the country to 5 percent as part of the current administration’s efforts to combat ballooning housing costs. The White House confirmed on July 16 that the latest housing policy initiative would limit landlords’ ability to raise tenants’ rents. Officials say that the rent control law, if approved by Congress, would be in effect for two years. Newly built rental properties would not be affected by the proposal. Additionally, it would only apply to landlords who own more than 50 units, affecting approximately 20 million units and representing roughly half of all rental units. A senior administration official told reporters in a press call that there is reason to believe that “landlords would comply with this proposal,” particularly because otherwise they would “lose valuable tax breaks.”...