President Biden aims to limit rent increases to 5% or less for landlords with over 50 units, stripping tax breaks for non-compliance affecting an estimated 20 million units nationally.
The rent control plan is part of Biden's strategy to assist renters while promoting more housing development to address affordability challenges, although bipartisan cooperation in Congress is uncertain.
Biden emphasizes the need for corporate landlords to adhere to the 5% rent increase limit or risk losing tax incentives, advocating for streamlined processes and public land repurposing to boost affordable housing.
#rent-control #affordable-housing #congressional-support #housing-affordability #housing-development
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