President Biden will unveil a new proposal in Nevada on Tuesday to cap rental costs nationwide, according to three people familiar with the matter, as he works to assuage Democratic concerns about the viability of his candidacy while the Republican convention gets underway.
AOC pushed WH to go big on housing to respond to young voter frustration, per person familiar.
The policy push reflects the White House’s efforts to respond to widespread voter anger over high housing prices, which have soared since the pandemic and undermined Biden’s standing among voters about the economy.
Nevada has seen among the biggest explosions of housing costs in the country, and Democrats have grown increasingly concerned that Trump could win the state in November.
Biden’s plan — which would need to be approved by Congress — calls for stripping a tax benefit from landlords who increase their tenants’ rent more than 5 percent per year, the people said. The measure would only apply to landlords who own more than 50 units, which represents roughly half of all rental properties, the people said. It wouldn’t cover units that have not yet been built, in an attempt to ensure that the policy does not discourage construction of new rental housing.
The people spoke on the condition of anonymity to describe a proposal that isn’t yet public.
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@GrassrootsArtDemocrat2yrs2Y
I lived under rent control in NYC for five years in the early 80s. What a nightmare. Key money needed. Lack of maintenance. Huge apartments tied up by elderly rich people paying 20% of market rents. Leases being handed down to family members. Intricate sub- and sub- sub-let, off the books deals. Landlords actively hostile to renters as they tried to get new tenants in and a higher base rent. Young people being blocked from the market due to shortages of available units.
@GleefulR3f0rmRepublican2yrs2Y
Our idiot president is coming up with all these ideas mere months before the elections, wonder what he was doing all this time.
Oh, I know, he was busy throwing hundreds of billions of taxpayers money at Ukraine, Israel, NATO, etc. That's OK because those countries are more important than our own.
For the $200B he spent on Ukraine and Israel, he could have built or heavily subsidized a city with a million homes (at ~$200K per home).
@TenaciousWidgeonVeteran2yrs2Y
Price controls simply do not work. I am old enough to remember as a kid Nixon's attempts to control grocery prices. Every time he'd announce a new control, that item would just disappear. Price controls are socialist, economic nonsense.
Shocked that Biden would even hint at this stuff.
I do not think he understands what he is doing. This is where the cognition issues show. Bad policy.
Is this guy nuts? Price Controls dont work-- just ask Richard Nixon. Joe is getting bad advice from washed up Marxists like Bernie Sanders.
@ElectoralAlfiePatriot2yrs2Y
Rent caps only serve to further distort the market and lead to higher rents and less construction of new units. It doesn’t work. We have to build more housing period.
@ISIDEWITH2yrs2Y
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