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President Biden Unveils National Rent Cap

  • July 16th 2024

by UrbanTurf Staff

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President Biden has unveiled a national rental cap. 

On Tuesday, the president unveiled a proposal that will give large landlords essentially two options: cap rent increases on apartments at 5% or lose a federal tax break that allows for faster depreciation write-offs of the buildings. The bill would only apply to landlords with more than 50 total apartments, and new construction units would be exempt. 

"Some corporate landlords have taken advantage of the shortage of available units by raising rents by more than increases in their own costs—resulting in huge profits at a time when millions of Americans are struggling to cover rent each month," a statement from The White House said. "And recent analysis showed that the six largest publicly-traded apartment companies reported large profits earlier this year, and many of these same landlords are named in pending litigation for their alleged use of proprietary algorithms to raise rents on tenants."

More details about the rental cap plan can be found here. 

See other articles related to: national rent cap, president biden

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/president_biden_unveils_national_rent_cap/22520.

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