The Biden-Harris administration recently proposed 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 roughly 50% 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 over 30% of their income to this monthly bill. These renters are frustrated. Rent inflation is 80% higher under Biden-Harris than in the Trump years. And it’s worse in the swing states, where rents have more than doubled over the past four years.
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