President Joe Biden is planning to unveil a new rent control proposal tomorrow during a campaign stop in Nevada.
According to a Washington Post reported sourced from three unnamed “people familiar with the matter,” Biden’s proposal would remove a tax benefit from landlords who increase their tenants’ rent more than 5% each year. The proposal would only apply to landlords who own more than 50 units – which would encompass nearly half of all rental properties.
One of the Post’s sources claimed Biden is planning to enact more policies designed at capping rent hikes and would fight alleged price gouging by “corporate landlords.” Biden had previously blamed “corporate greed” for rising prices in rental housing, although his administration has neither identified nor charged any corporations for improper rental housing pricing.
Biden’s proposal would be the second within a week by his administration to acknowledge the challenges facing the housing market. On Friday, Biden’s Federal Housing Finance Agency announced a new policy that would require landlords with federally backed mortgages to provide 30 days’ notice to tenants before they either increase rents or terminate leases.
Photo courtesy of the White House
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STOP RAISING PROPERTY TAXES and HOME OWNERS INSURANCE FIRST!! Rents are increasing because Rates are so High
Because within 3 yrs the Democrats have increased the renter populations by 10/12 million illegals ..now the supply and demand rule kicks in..
Deport illegal aliens!
Stop illegal immigration.
Stop hurting our country to ensure votes.
Agree!
Well said!
Bad idea. Will create LESS rental property!
Why doesnt he work on lowering taxes and insurance? Bad enough to have to make costly repairs. How about subsidizing landlords? All 3 are out of control. Taxes go up because of his and bleeding liberals policies. This is BS.
Nope
As leases require 30 day notice for ending a lease or renewal and that includes changing rental amount, this looks to punish landlords and will cause folks to not rent and reduce available housing.
As usual you all failed to completely read what it actually says: the tax benefit will be taken away from those that raise rents MORE THAN 5% ANUALLY. That does not equate to “rent control”
And what happens when inflation exceeds 5%? There was a time, during the Carter administration when inflation was at 12%. Home loans were in the 14% range. It is absolutely rent control. You may see it as not that much control, but control it is. And once that control is in place, how long before changes are made that tighten that control more and more? And by what constitutional authority does the federal government have this power? (It doesn’t.)
Exactly
Stop immigration to stop price increases on housing. In CAlifornia, what imp[act does 3+ million new occupants in 3 years have on low cost home prices? No rent control will fix the idiocy of democrats and globalists loving massive in migration. It’s just another one of those unforseen consequences they never think about.
Rent control, a form of price control, has never been effective. Let supply and demand dictate the price.
What ??? In other words: let greed & injustice control supply and demand. Because it is not necessary to be an economist, nor have master’s degrees or doctorates to know that CONTROL is always crucial to achieving success in ALL ASPECTS of human life.
Mr. liberty, it’s quite obvious that you don’t have any type of an education never mind a degree from university. Go live in Russia as they will totally control your life.
And of course additional Tax benefits to large property owners. Not the small mom and Pop property owners. Can we please do something to help the middle class?
To quote Obama, just another incidence of Joe never missing an opportunity to **** something up.
What a dummy Biden is…………………………..
More regulations in an attempt to get more votes!
Dumbxxx move as usual from this buffoon.
Terrible Biden idea , punish the landlords. The people who maintain a lot of the crumbling housing in cities to keep it livable for people. And of course rent goes up when everything else like taxes, insurance and general costs for everything else goes up.
For a view supporting rent control see:
https://prospect.org/infrastructure/housing/2023-05-16-economists-hate-rent-control/
“The proposal would only apply to landlords who own more than 50 units – which would encompass nearly half of all rental properties.” Sounds like corporate landlord greed. Insurance claims are affecting their bottom line. They can’t pocket as much as they are used to.
Rent control of any type has never worked. Remember what happened to rental properties in Brooklyn? Landlords couldn’t afford to repair their properties, values fell and buildings were abandoned resulting in fewer places to live. Is that what our government wants to happen again? Will they never learn?
Vote the “RIGHT” way in November people!! Let’s change the trajectory of our communities, workplace & country.
Ridiculous!
Rent control will result in less housing. Get government out of my business.