Biden calls on Congress to crack down on large rent hikes by corporate landlords

16/7/2024 19:07

        President Joe Biden on Tuesday called on Congress to pass legislation that would compel corporate owners of rental housing units to cap annual rent increases at 5% or lose some tax benefits.
        
        The White House also unveiled efforts to use public land for as many as 15,000 affordable housing units in Nevada and to boost neighborhoods in Las Vegas and elsewhere.
        
        Biden, a Democrat, is traveling in Nevada, a political swing state that he hopes 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, after decades of failure to build enough homes. I’m determined to turn that around," Biden said in a statement.
        
        "While the prior administration gave special tax breaks to corporate landlords, I’m working to lower housing costs for families. Republicans in Congress should join Democrats to pass my plan to lower housing costs for Americans who need relief now."