Biden to unveil plan to cap rents as GOP convention begins
SUMMARY
President Biden will announce a proposal in Nevada to cap rental costs nationwide. The plan aims to address high housing prices and voter concerns, particularly in Nevada, where housing costs have surged. The proposal would limit rent increases to 5% per year for landlords with over 50 units, affecting about half of all rental properties. The measure, which needs Congressional approval, excludes new constructions to avoid discouraging new developments. While tenant advocates support the move, some economists warn it could worsen housing shortages. Biden's administration is also pursuing policies to boost housing construction. The announcement comes as Biden trails Trump in Nevada polls, with inflation and housing costs being major voter concerns.
