The Biden-Harris administration recently <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/07/16/fact-sheet-president-biden-announces-major-new-actions-to-lower-housing-costs-by-limiting-rent-increases-and-building-more-homes/" target="_blank" rel="noopener">proposed</a> capping rent price increases at 5%. The cap would apply to any landlord that owns more than 50 units, which equates to 20 million rental units nationwide, or <a href="https://www.nytimes.com/2024/07/19/business/economy/biden-rent-cap-proposal.html" target="_blank" rel="noopener">roughly 50%</a> of the nation’s total units. I suspect that all Americans agree with the goal of keeping essentials like food, housing, and healthcare affordable. Unfortunately, the proposed price controls – rooted in bad economic assumptions and perhaps some technophobia – are likely to do the opposite.
A third of American households rent, roughly half of which devote <a href="https://www.huduser.gov/portal/pdredge/pdr_edge_featd_article_092214.html" target="_blank" rel="noopener">over 30%</a> of their income to this monthly bill. These renters are frustrated. Rent <a href="https://fred.stlouisfed.org/series/CUUR0000SEHA#0" target="_blank" rel="noopener">inflation</a> is 80% higher under Biden-Harris than in the Trump years. And it’s <a href="https://www.usatoday.com/story/news/politics/elections/2024/05/21/rents-prices-swing-states-voters-disenchanted/72794026007/" target="_blank" rel="noopener">worse</a> in the swing states, where rents have more than doubled over the past four years.

The Biden-Harris Plan To Lower Your Rent Will Actually Inflate It

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The Biden-Harris Plan To Lower Your Rent Will Actually Inflate It