U.S. President Joe Biden is set to announce a proposal on Tuesday aimed at capping housing rental costs nationwide, according to a report by the Washington Post on Monday, which cited
three people familiar with the matter.
Biden will unveil the plan in Nevada, a state experiencing significant increases in housing costs and crucial to Biden's chances in the upcoming November 5 election against presumptive Republican nominee Donald Trump.
The proposal includes removing a tax benefit for landlords who raise their tenants' rent by more than 5 percent per year. This measure would target landlords owning more than 50 units, representing roughly half of all rental properties, according to the report.
Approval from Congress would be necessary for Biden's plan to take effect, the Washington Post noted.
The White House declined to comment on the report. However, a person familiar with the matter indicated that Biden intends to take further action to cap rent increases and address price gouging by corporate landlords. Photo by Gage Skidmore from Surprise, AZ, United States of America, Wikimedia commons.