President Joe Biden is taking decisive action to address the skyrocketing housing costs faced by millions of Americans. In a major announcement, the president called on corporate landlords to cap rent increases at 5 percent and unveiled plans to make more public land available for housing.
These measures aim to make renting more affordable and create additional housing units. To achieve this, the president is urging Congress to pass legislation that would give corporate landlords the choice to either limit rent increases on existing units or risk losing valuable federal tax breaks.
The proposal would ensure that rent increases are kept at a reasonable level, providing relief for struggling renters. Across the country, the administration is rolling out several other measures, including calling on Congress to support the Biden-Harris housing plan that would build over two million homes and provide thousands in mortgage relief.
In addition, the Federal Housing Finance Agency is also taking action. For a list of these measures, you can visit whitehouse.gov.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
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