President Biden proposes rent increase cap
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(ABC 6 News) — President Biden is introducing a new proposal to help bring down housing costs in the U.S.
The President is calling for legislation to cap annual rent increases at 5%. For landlords raising it more than that, tax credits will be withdrawn, and it only applies to those landlords with more than 50 tenants.
This proposal comes as new data shows the median national rent is more than $1400 per month.