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What Joe Biden’s “Rent Cap” Really Does

Summary by Jacobin

Joe Biden just announced a proposal to force big landlords to choose between capping rent increases at 5% annually or losing access to a coveted tax write-off. It’s not a real rent cap — but it potentially opens the door to bolder federal action. President Joe Biden delivers remarks at the White House on July 14, 2024, in Washington, DC. (Kevin Dietsch / Getty Images) On a trip to Las Vegas, where rents climbed twice as fast as wages last year…

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What Joe Biden’s “Rent Cap” Really Does

Joe Biden just announced a proposal to force big landlords to choose between capping rent increases at 5% annually or losing access to a coveted tax write-off. It’s not a real rent cap — but it potentially opens the door to bolder federal action. President Joe Biden delivers remarks at the White House on July 14, 2024, in Washington, DC. (Kevin Dietsch / Getty Images) On a trip to Las Vegas, where rents climbed twice as fast as wages last year…

1 year ago

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Jacobin broke the news in 1 year ago on Wednesday, July 17, 2024.

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