President Biden proposes a 5% cap on yearly rent hikes for tenants of significant landlords, addressing housing affordability concerns amid rising inflation.
Most policymakers suggest curbing housing costs through increased construction and land use regulation changes, highlighting the complexity of the issue despite Biden's proposed cap.
Biden attributes inflation to companies seeking maximum profits post-pandemic, signaling the need for stability while underscoring the rent increase cap as part of his approach.
Half of renters in the U.S. are 'cost burdened,' spending over 30% of their income on housing and utilities, showcasing the pressing need to address housing affordability challenges.
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