Biden Proposes 5% Cap on Rent Increases for Corporate Landlords in Las Vegas for Two Years

Jul 16, 2024, 08:40 PM

President Joe Biden has unveiled a new proposal in Las Vegas aimed at capping annual rent increases to 5% for corporate landlords who own more than 50 units. The plan, which requires congressional approval, seeks to strip federal tax benefits from landlords who exceed the 5% cap. The proposal, announced on Tuesday, is part of a broader effort to address soaring housing costs and boost affordable housing across the United States. Biden's plan also includes measures to repurpose public land for building affordable housing and investing in housing and community development. The initiative has received mixed reactions, with some experts and industry leaders criticizing it as counterproductive, while others see it as a necessary step to provide relief to renters and combat corporate price gouging. The rule would apply for two years.