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.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
