Housing
Biden Calls for National Rent Caps on Corporate Landlords
The White House proposal would limit rent increases to 5% for millions of tenants nationwide. But Congress is unlikely to act.
Landlords with more than 50 units would lose out on a federal tax write-off if they raised rent more than 5%, under a new proposal from the Biden administration.
Photographer: Angela A. Weiss/AFP via Getty Images
President Joe Biden is calling on Congress to pass a form of national rent control for some 20 million apartment units nationwide, a dramatic federal intervention in the housing market on behalf of current tenants.
The proposal would give large landlords a choice: Either they agree to cap rent hikes at no more than 5% per year, or they forfeit federal tax breaks coveted by rental property owners.