Biden's Bold Housing Plan to Cap Rental Costs Nationwide

President Joe Biden plans to propose a nationwide cap on housing rental costs. The proposal, aimed at landlords owning over 50 units, would strip tax benefits from those who raise rents more than 5% annually. The announcement comes amid Nevada's soaring housing costs, crucial for the upcoming election.

President Joe Biden plans to reveal a nationwide proposal on Tuesday to cap housing rental costs, according to a report in the Washington Post.

The plan, which will be announced in Nevada—a state grappling with rising housing costs and pivotal to Biden's November election prospects—aims to limit annual rent increases by landlords of over 50 units to no more than 5 percent. Landlords exceeding this threshold would lose tax benefits.

Biden's proposal requires congressional approval. The White House abstained from commenting on the report, but a source indicated further efforts to curb rent hikes and combat corporate landlord price gouging are expected.

(With inputs from agencies.)