(NationRise.com) President Joe Biden recently urged lawmakers to enact a federal law mandating a 5% annual maximum on rent increases or face tax penalties for rental property owners.
At the conclusion of last week’s NATO meeting, Joe Biden meandered off into what appeared to be a strange detour midway through his press conference. In a rambling answer to a question about his legacy, the seemingly oft-confused president replied that he’s not anti-corporate, but it’s time things get back in order a little bit. He cited, with no evidence, the doubling of corporate profits since the pandemic.
Despite the administration’s claims that the rent control plan is an “anti-gouging” measure, landlord advocacy organizations say that increasing expenses and an inadequate supply of homes are to blame for skyrocketing rents.
The National Association of Realtors (NAR) issued a statement stating they oppose misguided attempts to cap or control rental rates, adding that despite their apparent usefulness, price restrictions have hurt the same individuals we should be helping.
While in Nevada, Democratic presidential candidate Joe Biden is trying to sway voters by saying that decades of insufficient house construction have put rent at unsustainable levels and homeownership out of reach for many middle-class and young families in the United States. He declared that he was going to turn that around, adding that his administration was fighting to reduce housing prices for families, in contrast to the previous one that provided special tax incentives to corporate landlords.
However, in order for the proposal to become law, there must be robust Democratic control of Congress.
The majority of lawmakers have stated that easing land use laws and increasing development would be the most effective ways to reduce housing costs.
The Senate is under the control of Biden’s Democrats, while the House is under the control of Republicans. With the election still ongoing, it is highly doubtful that any legislation will be passed.
Cynics have compared Biden’s plan with Jimmy McMillan’s. McMillan ran for mayor in New York City in 2005 and 2009. He is better known as the flamboyant viral-video personality known as “The Rent is Too Damn High” guy.
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