He urges Congress to support legislation to cap annual rate increases at 5 percent.
This week, President Joe Biden proposed a legislative plan that would have to be authorized by Congress to deter corporate rental companies from raising rent prices by over 5 percent per year. The White House reported the president’s recommendation would then withdraw tax credits from landlords who own more than 50 units that engage in such increases.
President Biden stated, “Rent is too high and buying a home is out of reach for too many working families and young Americans, after decades of failure to build enough homes. I’m determined to turn that around.“
The president continued, “While the prior administration gave special tax breaks to corporate landlords, I’m working to lower housing costs for families.” He urged members of Congress “to pass my plan to lower housing costs for Americans who need relief now.”
As the Lord Leads, Pray with Us…
- For President Joe Biden and his advisors as they propose solutions to the rising cost of housing.
- That members of Congress are discerning as they consider the proposal of the president.
- That members of the president’s administration collaborate with federal legislators for the good of the country.
Sources: Reuters
