Biden's Push to Cap Rent Increases and Boost Affordable Housing

President Joe Biden has urged Congress to pass legislation that would require corporate landlords to cap annual rent increases at 5% or lose certain tax benefits. The White House also plans to use public land for affordable housing. Biden aims to address housing costs and gain voter support in swing states.

President Joe Biden on Tuesday urged Congress to pass legislation requiring corporate landlords to cap annual rent increases at 5% or face losing certain tax benefits.

The White House also revealed plans to utilize public land for 15,000 affordable housing units in Nevada, boosting neighborhoods in Las Vegas and other areas. Biden, a Democrat, is touring Nevada, a critical swing state he aims to win in the Nov. 5 election against Republican Donald Trump.

"Rent is too high, and buying a home is out of reach for too many working families and young Americans, following decades of insufficient home construction. I’m determined to change that," Biden said in a statement. "While the prior administration favored corporate landlords with special tax breaks, I'm working to reduce housing costs for families. Republicans in Congress should collaborate with Democrats to pass my plan for lowering housing costs for Americans who need immediate relief."

Democrats hold the Senate, but with Republicans controlling the House of Representatives, passing significant legislation may be challenging during the election season. However, by focusing on housing, Biden can address an issue that resonates with voters burdened by high living costs, including rent.

According to the White House, under the proposed plan, corporate landlords owning over 50 rental units would lose their ability to take faster write-offs on depreciation unless they limit annual rent increases to 5%. This policy would affect more than 20 million rental units nationwide.