The plan would require solid Democratic control of Congress to become law.
WASHINGTON — President Joe Biden is ready to propose a 5% cap on annual rent increases for tenants of major landlords as he tries to show he’s doing something about the high cost of housing, according to a person familiar with the plan.
The person familiar with the plan spoke on the condition of anonymity because the proposal has not yet been formally announced. The Washington Post first reported Monday the details of the plan, which would only apply to landlords who own 50 or more units. The price cap would not apply to units that have yet to be built.The median national rent was $1,411 a month in June, up from roughly $1,150 in early 2021 when Biden became president, according tofound in its most recent report that half of renters were “cost burdened” because they spend more than 30% of their income on housing and utilities.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Joe Biden Issues Warning to His Democratic Detractors in CongressBiden sent a defiant letter to Democrats as he faces calls from members of his party to step down from the election.
Read more »
Democratic congressman warns dissing Kamala as Biden replacement would be 'kiss of death' for Democratic PartyRep. Bennie Thompson said not choosing Vice President Kamala Harris as President Biden's replacement would be the Democratic Party's 'kiss of death.'
Read more »
20 Democratic Governors Support Biden as Democratic NomineeSee multiple perspectives from Axios, Reuters, and Washington Times at AllSides.com.
Read more »
Lloyd Doggett becomes first sitting Democratic member of Congress to call on Biden to withdrawDemocratic Rep. Lloyd Doggett becomes the first sitting Democratic lawmaker to call on President Joe Biden to withdraw from the presidential race, a huge moment for the Democratic party as Doggett says publicly what many lawmakers and elected officials had been speculating about privately.
Read more »
Poll: Democrats Trail Trump Whether They Replace Biden With Biden, Biden, Or BidenCAMBRIDGE, MA—In a Harvard CAPS / Harris poll conducted in the wake of the first presidential debate, new data revealed that any alternative Democratic candidate was likely to lose to former President Donald Trump, regardless of whether President Joe Biden was replaced as the nominee with Joe Biden, Joe Biden, or...
Read more »
Twenty-five House Democrats prepare to call for Biden to end re-election effort: reportSecond Democratic Congress member declares no confidence in Biden’s 2024 candidacy
Read more »