The Biden administration is planning to change the cap on how much rents can go up in some federally subsidized affordable housing complexes.
The Washington Post, citing unnamed “senior administration officials,” reported the yearly rent increases in properties that receive Low-Income Housing Tax Credit funding will be capped at 10%.
The new cap, which will be announced on Monday, comes at a time when President Biden’s re-election campaign has put an increased focus on housing issues. However, this change would have a limited impact because relatively few units are eligible for double-digit rent increases.
During his State of the Union speech earlier this month, Biden attempted to blame rising rental housing costs on “big landlords” who were breaking “antitrust laws by price-fixing and driving up rents.” He added that his administration “cut red tape so builders can get federally financing, which is already helping build a record 1.7 million new housing units nationwide.”
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