Biden Calls For 5% Cap On Annual Rent Increases

The economy and the cost of living is one of Biden’s primary vulnerabilities in his re-election bid.

The White House plans to reveal new actions aimed at lowering the cost of housing.

President Biden is set to call on Congress Tuesday to pass a law that would force landlords to cap annual rent increases at 5% or face losing out on federal tax breaks.

If Congress takes up the law, the plan would apply to landlords who oversee more than 50 units. That means over 20 million units nationwide could be affected.

There would also be exceptions for new construction and certain renovations.

The economy and the cost of living is one of Biden’s primary vulnerabilities in his re-election bid.