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July 17, 2024
Shout out to the Biden Harris administration for issuing their plan to lower housing costs! Here are the plan highlights:
Families deserve housing that’s affordable—it’s part of the American Dream.
President Biden knows rent is too high and buying a home is out of reach for too many working families and young Americans, after decades of failure to build enough homes. He’s taking action to turn that around:
Sending a clear message to corporate landlords: Cap annual rent increases at 5% or lose valuable tax breaks.
Repurposing public land to build more affordable homes—including up to 15,000 new homes in Nevada.
Investing $325 million to build thousands of homes from Las Vegas to Syracuse.
And the President is calling on Congress to pass his housing plan, which would:
Expand rental assistance to half a million working-class families.
Provide mortgage relief of $10,000 to millions of Americans.
Build 2 million homes.
While the prior administration gave special tax breaks to corporate landlords, President Biden is working to lower housing costs for families.
Republicans in Congress should join Democrats to pass the President’s plan to lower costs for Americans who need relief now.
Resources
Statement from President Joe Biden on New Actions to Lower Housing Costs
In the News
CNN: Biden unveils plan to cap rent hikes
Reuters: Biden calls on Congress to crack down on large rent hikes by corporate landlords
NBC: Biden administration to unveil new actions aimed at lowering housing costs
CBS: Biden administration says it wants to cap rent increases at 5% a year. Here's what to know.
Business Insider: Biden announces plan to cap rent increases at 5% for half of American rental households
Axios: Biden to propose capping national rent increases at 5%
Mentions
@NBCNews: President Biden is expected to call on Congress to pass a law that would ensure landlords cap rent increases at 5% or face losing out on federal tax breaks.
@CBSNews: The Biden administration is proposing a new way to keep rents around the U.S. from soaring: limit corporate landlords to annual rent increases of no more than 5%, or else they would lose a major tax break.
@axios: Today President Biden is expected to call for legislative action to curb landlords' ability to raise rents, capping national rent increases at 5%.
@Reuters: Biden calls on Congress to crack down on large rent hikes by corporate landlords http://reut.rs/46n444p
@kylegriffin1: President Biden just unveiled his new proposal to cap rental costs nationwide. The plan — which would need congressional approval — calls for stripping a tax benefit from landlords who increase their tenants' rent more than 5% per year.
@MorePerfectUS: Joe Biden will announce a plan to cap rents at 5% nationwide. The plan will apply to all landlords who own over 50 units, covering half of renters in the U.S. Landlords who don't comply will have their tax benefits stripped.
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