Official Senate records and announcements

Biden to Announce Nationwide 5% Rent Cap, Requires Congressional Approval

Jul 15, 2024, 08:51 PM

President Joe Biden is set to announce a proposal to cap annual rent increases at 5% nationwide. The plan targets landlords who own more than 50 units and would strip federal tax benefits from those who do not comply. This proposal, which requires congressional approval, is part of Biden's broader effort to address housing affordability and respond to voter concerns over high housing costs. The announcement will be made in Nevada on Tuesday. This initiative is part of Biden's populist economic strategy.