Biden to propose capping rental costs, Washington Post reports

[July 16, 2024]  WASHINGTON (Reuters) - U.S. President Joe Biden will unveil a proposal on Tuesday to cap housing rental costs nationwide, the Washington Post reported on Monday, citing three people familiar with the matter.   

A "sold" sign is seen outside of a recently purchased home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/file photo

Biden will announce the plan in Nevada, a state that has seen soaring housing costs and one that is critical to Democrat Biden's chances in the Nov. 5 election against presumptive Republican nominee Donald Trump.

The proposal calls for stripping a tax benefit from landlords who increase their tenants' rent more than 5 percent per year, the Post reported. It would only apply to landlords who own more than 50 units, which represents roughly half of all rental properties, the news outlet said.

Biden's plan would need to be approved by Congress, the Post added.

The White House declined to comment on the report. A person familiar with the matter said that Biden would take more action to cap rent increases and crack down on price gouging by corporate landlords.

(Reporting by Eric Beech and Trevor Hunnicutt; editing by Susan Heavey)

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