President Joe Biden plans to propose a nationwide cap on rent increases at 5% annually. This proposal targets landlords with over 50 units and aims to curb inflation-driven housing costs. The plan would require congressional approval and is part of broader efforts to make housing more affordable.
Sources:
www.cbsnews.com/news/biden-administration-rent-cap-5-percent-or-lose-tax-break/
www.sfgate.com/realestate/article/what-is-biden-s-5-rent-cap-plan-president-19570326.php
So it’s only a matter of time before new entities are created for each building a landlord owns? That way the aggregate is less than 50 units. Seems like too easy a loophole, considering most landlords already create a separate entity for each property.
Too late, a studio is already $2,200. Nationwide average rent is up 39% in one year. He waited until BlackRock destroyed the entire housing market and now he wants to cap rent? Joe Biden can go f**k himself.
— Wall Street Apes (@WallStreetApes) July 15, 2024
h/t iwasatlavines