President Biden is going to propose today a cap of 5% on annual rent increases for tenants of major apartment landlords, according to sources familiar with the matter who have spoken with The Associated Press and the Washington Post, which first broke the news.
He plans to unveil the proposal in Nevada today, the sources said, but hints of the plans were made by Biden at his NATO news conference Thursday.
Biden's plan calls for stripping a tax benefit from landlords who increase their tenants' rent by more than 5 percent per year, according to the Washington Post. The measure would only apply to landlords who own more than 50 units and it wouldn't cover units that have not yet been built in order not to discourage construction of new rental housing. The plan would require Congressional approval.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
