The Biden administration is taking the fight to America’s landlords.
Taking on America’s Landlords
![](https://libertyandwealth.com/wp-content/uploads/2024/07/shutterstock_1638697657.jpg)
The Biden administration is trying to solve a big issue for many Americans: crazy high rent prices. Biden has just announced that he wants to cap annual rent rises at 5% for landlords who own over 50 units.
Capping Rent Hikes for Corporate Giants
![](https://libertyandwealth.com/wp-content/uploads/2024/07/shutterstock_160258913.jpg)
It’s a move intended to stop corporate landlords from jacking up rents and making housing unaffordable for everyday people.
Pay to Play
![](https://libertyandwealth.com/wp-content/uploads/2024/06/shutterstock_1292651794.jpg)
Biden is pushing Congress to make corporate landlords choose: keep rent hikes under 5% or kiss their federal tax breaks goodbye. Big landlords control almost half of the rental market and have been making bank by raising rents way beyond their cost increases. Now, the administration is putting its foot down and trying to put a stop to that.
From Public Land to Private Homes
![](https://libertyandwealth.com/wp-content/uploads/2024/06/shutterstock_121786153-1.jpg)
The administration also has plans to turn public land into affordable housing, which could add up to 15,000 new housing units in Nevada alone.
Rehab and Revitalize
![](https://libertyandwealth.com/wp-content/uploads/2024/07/shutterstock_2137258567-1.jpg)
Their goal is to rehab distressed properties and revitalize neighborhoods – especially in high-demand spots like Las Vegas.
2 Million Homes and $10K in Relief
![](https://libertyandwealth.com/wp-content/uploads/2024/07/shutterstock_1709375998.jpg)
Biden is also pushing the “Biden-Harris Housing Plan,” which aims to build 2 million homes and provide $10,000 in mortgage relief to help more Americans become homeowners.
Construction Hits 50-Year High
![](https://libertyandwealth.com/wp-content/uploads/2024/05/shutterstock_2299468699.jpg)
With more housing units under construction now than in the past 50 years, this plan is all about increasing supply to help bring rents down.
Algorithmic Greed
![](https://libertyandwealth.com/wp-content/uploads/2024/07/shutterstock_1028546500.jpg)
Biden isn’t just capping rents – he’s also cracking down on corporate landlords accused of price gouging. Recent reports show that the biggest apartment companies have been raking in huge profits by using algorithms to hike rents. It’s putting a lot of pressure on renters, which the administration is hoping to ease.
GOP Roadblocks
![](https://libertyandwealth.com/wp-content/uploads/2024/06/shutterstock_2379829029-1.jpg)
Biden is facing pushback from Congressional Republicans, who’ve blocked parts of his housing agenda like rental assistance programs and efforts to build more affordable homes.
Targeting Landlord’s Tax Write-Offs
![](https://libertyandwealth.com/wp-content/uploads/2024/07/shutterstock_2387216313.jpg)
The new plan needs Congress’s approval, but it’s designed to hit corporate landlords where it hurts: their tax write-offs. If they push rents up more than 5%, they lose their ability to write off depreciation. It’s a simple plan with costly results for any landlord who ignores it.
Brainard’s Battle Cry
![speak](https://libertyandwealth.com/wp-content/uploads/2024/06/shutterstock_2193261917.jpg)
Lael Brainard, Biden’s National Economic Council director, explained, “Some corporate landlords are raising rents by more than their costs, expanding their profits at a time when millions of Americans are struggling to cover rent each month.”
Cash is King
![](https://libertyandwealth.com/wp-content/uploads/2024/06/shutterstock_2330862509.jpg)
In places like Las Vegas, investors are buying homes with cash, turning them into rentals, and then raising rents.
$20 Billion Boost for Affordable Housing
![](https://libertyandwealth.com/wp-content/uploads/2024/07/shutterstock_2053313996.jpg)
State and local governments have already invested nearly $20 billion from the American Rescue Plan into affordable housing, which has helped get 1.7 million units under construction.
Budget Bonanza
![](https://libertyandwealth.com/wp-content/uploads/2024/05/shutterstock_521200432.jpg)
Biden’s 2025 budget is asking for over $258 billion to build or preserve more than 2 million housing units, aiming to lower rents and make housing more affordable.
The 29% Rent Hike Reality
![](https://libertyandwealth.com/wp-content/uploads/2024/05/shutterstock_1807436311-1.jpg)
When you look at the data, it’s clear why Biden is proposing these measures. Rent prices have shot up 29% since the COVID-19 pandemic began, with an average annual increase of 7% over the past four years. The current national average rent is a massive $1,958 – a huge jump from pre-pandemic rates.
Swing State Struggles
![](https://libertyandwealth.com/wp-content/uploads/2024/06/shutterstock_2410758973-1.jpg)
A USA TODAY analysis found that in key swing states, rental costs have more than doubled in the past four years. Places like Hickory-Lenoir-Morganton, North Carolina, and Oshkosh-Neenah, Wisconsin, have seen rent hikes of over 100%, making affordable housing a big issue for voters.
Tenant Advocates Unite
![](https://libertyandwealth.com/wp-content/uploads/2024/07/shutterstock_2285284535.jpg)
Housing advocates have been calling for rent caps for years. Tara Raghuveer of the Tenant Union Federation believes rent caps should be tied to federal subsidies and financing to protect renters nationwide.
Federal Land, Local Solutions
![](https://libertyandwealth.com/wp-content/uploads/2024/05/shutterstock_1449056204.jpg)
The Biden Administration is also pushing federal agencies to find surplus land for affordable housing, with big projects already in the works in Nevada.
Game-Changer or Pipe Dream?
![](https://libertyandwealth.com/wp-content/uploads/2024/05/shutterstock_2103897347.jpg)
It’s debatable whether Biden’s plans will pass Congress, especially as past plans to impose rent controls haven’t gained much traction, but if they were to pass it could be a game-changer for millions of renters across the country.
Remote No More: 19 Companies Returning to the Office
![](https://libertyandwealth.com/wp-content/uploads/2024/05/shutterstock_174876011-1-1.jpg)
As the pandemic wanes, companies are recalling remote workers back to the office, sparking debates on fairness, costs, and convenience. However, there are also notable productivity, coworking, and mental health benefits to consider. Feeling the effects of these changes? Remote No More: 19 Companies Returning to the Office
8 Costco Must Buys and 8 to Leave Behind
![](https://libertyandwealth.com/wp-content/uploads/2024/05/pexels-gustavo-fring-3985095-1-1.jpg)
Ever wandered Costco’s aisles, questioning if that giant jar of pickles is a real bargain? Or debated buying tires where you get your rotisserie chicken? Welcome to the definitive guide to Costco shopping—a journey to save money, prevent regrets, and offer quirky insights into bulk buying. 8 Costco Must Buys and 8 to Leave Behind
23 Reasons Texas Is the Next Big Thing
![](https://libertyandwealth.com/wp-content/uploads/2024/05/shutterstock_1314503774-1.jpg)
Texas is becoming a beacon of opportunity, blending cultural heritage with economic growth. From its landscapes to its industries, the Lone Star State offers a dynamic lifestyle. Here are 23 reasons why Texas stands out, attracting entrepreneurs, artists, tech professionals, and families seeking new beginnings. 23 Reasons Texas Is the Next Big Thing
Featured Image Credit: Shutterstock / Consolidated News Photos.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.