Biden will propose a 5% cap on annual rent hikes for certain tenants amid housing affordability crisis
- President Joe Biden will propose a 5% cap on annual rent increases for tenants of major landlords to address high housing costs, as reported by a source familiar with the plan.
- The proposal would only apply to landlords with 50 or more units, according to The Washington Post.
- The median national rent increased from $1,150 in early 2021 to $1,411 a month in June 2024, as reported by Apartment List.
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