President Biden calls on corporate landlords to cap rent increases at 5% and takes action to make more public land available for housing. 7/16/24
President Biden is taking action to make renting more affordable for millions of Americans.Today, President Biden is announcing new actions to lower housing costs, including:
- Calling on Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax breaks;
- Repurposing public land sustainably to enable as many as 15,000 additional affordable housing units to be built in Nevada; and
- Rehabilitating distressed housing, building more affordable housing, and revitalizing neighborhoods, including in Las Vegas, Nevada.
The President called on Congress to make the American Dream a reality for more families by passing the Biden-Harris Housing Plan, which would build 2 million homes, and provide $10,000 in mortgage relief to unlock homeownership for millions of Americans. Already, more units are under construction than at any time in over 50 years, and the rate of new housing starts is up 17 percent compared to the last Administration.
The Biden-Harris Administration is using all available tools to lower housing costs, including limiting rent increases on rentals built with federal tax credits; supporting local communities that are building more housing; standing up to price-fixing by corporate landlords setting high rents for tens of millions of apartments; and cutting energy costs by making housing more efficient and climate resilient.
Republicans in Congress have blocked the President’s housing agenda. Congressional Republicans have tried to cut rental assistance and programs that build more homes and lower mortgage costs. And Senate Republicans are currently blocking a bill that passed the House with overwhelming bipartisan support that would help build 200,000 affordable homes. In addition, the previous administration secured a special tax subsidy for corporate landlords. While Republicans side with corporate landlords that are raising rents, President Biden is cracking down on price gouging and building more homes to lower rents and put homeownership in reach for working families.
Read more about:
Cracking Down on Corporate Landlords and Lowering Rents
Repurposing Public Land to Build More Affordable Housing
Investing $325 Million in Housing and Community Development