Biden to call for 5% cap on annual rent increases
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- Опубликовано: 13 окт 2024
- President Joe Biden is ready to propose a 5% cap on annual rent increases for tenants of major landlords as he tries to show he's doing something about the high cost of housing, according to a person familiar with the plan.
The proposal, to be announced while the president visits Nevada on Tuesday, is being championed by Biden in the middle of a tense presidential campaign and a time when housing costs have been a major driver of overall inflation.
But the plan would require solid Democratic control of Congress to become law. Additionally, most policymakers have said the best way to limit housing costs would be through more construction and changes to land use regulations.
MORE: www.cbs8.com/a...
How about not letting other countries buy up our land and properties to drive up prices.
FJB! The real problem.
Making it unprofitable to buy up homes as investments would probably discourage foreign countries from buying them all up.
Declare being an illegal and you'll get free 5-star hotel room
Demorats!
where do we sign up? I can change my last name to Rodriguez and lose all my paperwork.......maybe then I can afford a house like my neighbors who are illegal and own 2. not kidding. the wife told me one is worth 200K and the one she just bought has to be around that price as well. yep, in Ca. it pays to break the law under Newsom, he sure wants to be president and I bet he gets picked to be the demoncrat nominee soon as sleepy joe bites the dust. *sorry but Joe won't run,
he doesn't even know what state he's in, what they are doing is criminal elder abuse as he has dementia and wears diapers. wakey, wakey. so, now.....where do I sign up?
@@thomasgentry6201 democRATS.
@@DEADLIESTMAN1 Hate to insult actual Rats! True DemoRATS are delusional!
FJB! And his hellish policies.
Oh nowwwww he wants to do something. Election year promises he will never get passed congress
Soon will secure southern border?
The free candy for the poor doesn't work anymore .
@@randyscott3386 ; At least Biden offers bread, where Drumf only gives you circus's.
Which is why the donor class wants to replace him with a more corporate friendly candidate.
@@jvcyt298 Antifa and BLM were his tea parties .
Seriously???????????
Too little too late bruh.
Chicken done flew the coop!
So you think it stopped
Whats stopping him from doing this now??
@@sew_gal7340 Fake promise until after elected.
He started this in April 2024. Nothing is too late about this because rent could still skyrocket next year. So stop complaining saying it’s too late. Placing a 5% cap on rent would stop rent from skyrocketing next year or within this year. Think! Vote Blue 💙💙
Ban corporations from buying family homes
Ban Socialist?
@@thomasgentry6201 most every other 1st world capitalist nations do this.
@@Bradgilliswhammyman Move to one of them!
Maintenance and the investment complicates everything . But other than that I like the idea .
@@thomasgentry6201 That's called "brain drain," and isn't something you'd ever want to see in the US.
How about a 5% cap on property taxes, insurance, utilities, capital gains tax and everything else that the owner deals with to have that house?
It's almost 8pm so head up to bed joe.
What about for both, add it onto the bill. I hope that bill passed since the minimum wage is going up and they need things to stall to play decades of catch up
Just in time for election season! Typical politician!
@@HailMary888 Policies from Day 1 awful!
@HailMary888Hail mary?😂 Never too late. Bye Mary😂
@@HailMary888 You and your delusion FJB! ARE TOO LATE!
Just like the border
@@miragexl007 They’re not gonna do anything about that one, but they’ll sure talk about it to fool people. I’m not buying any of it, everything they say & “do” is a lie.
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Time to tell people what they want to here, then do nothing as usual
Rents are unbalanced
The rent is too damn high!
Blame Joey and his goons.
5% ? His usual percentage has been 10%
@@serenaco.804 *Biden's 5% Cap on Rent Increases Proposal*
President Biden has proposed a 5% cap on rent increases for existing rental units, targeting corporate landlords with over 50 units ¹. Here are the key points of the proposal:
- *5% Cap*: The proposal suggests capping rent increases at 5% per year for existing rental units ¹.
- *Targeting Corporate Landlords*: The cap would apply to corporate landlords with over 50 units, covering around 20 million rental units nationwide ¹.
- *Exemptions*: The cap would not apply to new construction or substantially rehabilitated buildings ¹.
- *Tax Breaks*: Landlords who raise rents above 5% would lose valuable tax breaks ¹.
- *Aim*: The proposal aims to address high housing costs and protect renters from exorbitant rent increases ¹.
*Reactions and Concerns*
- *Housing Groups*: Housing groups, including the National Association of REALTORS®, have expressed concerns that the proposal could ultimately hurt renters by reducing the supply of available housing ².
- *Builders*: Homebuilders argue that the cap could discourage developers from building new rental housing units, exacerbating the housing shortage ³.
- *Economists*: Some economists agree that rent control can lead to a decrease in the supply of available housing and fail to target those who need help the most.
@@serenaco.804 That's a valid point! Critics argue that developers' claims about being discouraged from building new rental housing due to rent control measures are exaggerated. Here are some counterarguments:
1. _Profit margins_: Developers often prioritize projects with high profit margins. If there's demand for rental housing, they'll likely continue building to capitalize on it.
2. _Government incentives_: Many governments offer incentives, such as tax breaks, subsidies, or density bonuses, to encourage developers to build rental housing, including affordable units.
3. _Housing shortage_: The US faces a severe housing shortage, particularly for affordable units. Developers can't afford to halt construction, as demand will continue to drive up prices.
4. _Rent control exemptions_: Many rent control proposals, like Biden's, exempt new construction or rehabilitated buildings, allowing developers to charge market rates for new units.
5. _Long-term benefits_: Rent control can lead to more stable, long-term tenants, reducing turnover costs and increasing overall profitability.
While developers might face some additional costs or restrictions, it's unlikely they'll stop building new rental housing entirely. The demand for housing and potential profits will likely continue to drive development.
@@serenaco.804 You're right! President Biden has previously proposed a 10% cap on annual rent increases, not 5%.
The 10% cap was part of his administration's "Housing Supply Action Plan" announced in May 2022, aiming to address the housing shortage and affordability crisis. This proposal would limit annual rent increases to 10% or less for existing rental units, targeting corporate landlords with over 50 units.
Should also keep cap of 5% on gas, grocery, tuition, whoring, etc.
While President Biden has proposed and implemented various policies aimed at addressing inflation, economic growth, and cost reduction, capping prices on specific goods like gas, tuition, and groceries is a complex issue that requires careful consideration.
In the United States, price controls are generally seen as a last resort and are often controversial. Implementing a 5% cap on these essential items would require significant government intervention in the market, which could lead to unintended consequences, such as:
- Shortages or scarcity
- Black markets
- Reduced investment and innovation
- Inefficient allocation of resources
Additionally, such a policy would likely face legal and constitutional challenges, as well as opposition from various stakeholders, including businesses, consumers, and advocacy groups.
Instead, the administration has pursued other strategies to address rising costs, such as:
- Promoting competition and antitrust enforcement
- Investing in renewable energy and reducing dependence on fossil fuels
- Supporting education and workforce development programs
- Implementing targeted subsidies or tax credits for low-income households
- Encouraging private sector innovation and efficiency
While these measures may not provide an immediate 5% cap on specific goods, they aim to address the underlying drivers of inflation and promote sustainable economic
So who's the dictator
I'm pretty sure that,that's in the realm of local government.
The dictator is being silly again.
Ok, is he calling for a 5% cap on property tax and his Bidenflation? Because landlords have to pay these things
that sthe superficial economic views of dems....all landlords are assumed to be very welthy and can afford anything, including squatters..who have mor rights than anyone in this country.
that's a stupid comment. you're complaining about something that doesn't happen. 5% annual increase on property tax assuming no property value change? doesn't happen.
@hercules tell that to the people of Illinois
@HerculesEinstein your either an idiot or dont own a home. My property tax has doubled in the last few years and I live in a rural small town surrounded by fucking farms.
@@HerculesEinstein it doesn't matter what the property value is. My property value has tripled....and my house payment has raised because my property taxes have raised. So, same for the landlord. They aren't cashing out their property values on a yearly basis, but they continue to have expenses....it's a business. Business expenses get passed on to the customers. That's how they stay in business.
Effing joke is what these leaders in America are..
Before he was in office it was 2 to 3 percent on its own with out any help from anyone.
5% is terrible, inflation is 3% or so in the long-term. This would be raising rent faster than inflation per annum. That's stupid.
Better than the current 20%
At 5% increase per year, rents double in 15 years. Will your paycheck? Go Joe?
Union paychecks will keep up. Same people that cry about low wages, are against unions. I am a retired IUE GM union official. Unions work.
How's that working out for Delphi?
Lordstown?
And all the other places union greed has driven jobs overseas?
Desperation leads to poor choices
Amen..corporate greed is running rampant in the USA
Funny -coming from a person with no education like you - your poor choices are a you problem, not an us problem
I'm sure you think inflation is due to greedy corporations as well, right?
The fact that the government has been creating trillions of dollars out of thin air has absolutely NOTHING to do with this, right?
With all due respect, but I'll go with the opinion of a Nobel-prize winning economist.
@@Neverforget71324
Corporate greed is real. Go to any fast food chain. High prices, but small portions and low quality food.
the cap can ONLY be done on Federal housing and subsidized housing.
Nope you’re wrong. It’s for All American citizens‼️
President Biden is trying to get passed ¹ ² ³: - *National Security Package*: President Biden is trying to get this bill passed to strengthen national security and send a message to the world about the power of American leadership. This bill will help support Ukraine, Israel and other countries that are facing conflicts and natural disasters. - *Rent Control*: President Biden is calling on Congress to pass legislation that will cap rent increases on existing units at 5% or risk losing current valuable federal tax breaks. This bill will help lower housing costs and make renting more affordable for millions of Americans. - *Biden-Harris Housing Plan*: President Biden is calling on Congress to pass this plan, which will build 2 million homes and provide $10,000 in mortgage relief to unlock homeownership for millions of Americans. This plan will help increase the supply of homes and make housing more affordable. - *Limiting Rent Increases*: President Biden is calling on Congress to pass legislation that will limit rent increases on rentals built with federal tax credits. This bill will help lower housing costs and make renting more affordable for millions of Americans. - *Building More Homes*: President Biden is calling on Congress to pass legislation that will provide funding to build more homes and increase the supply of affordable housing. This bill will help lower housing costs and make housing more affordable for millions of Americans.
False it will be a law
@@Chicago48 You’re wrong! The 5% cap is for all Americans that rent. Go read it!
You can't tell folks how to charge for their product.
Receiving 200.00 rent increases every year is a bit much.
@@debra-annkretschmer3270 Spot on. Agreed.
@ considering gas has doubled
Most landlords are responsible for the water bill whether tentans pay or not that has gone up.
Materials Have doubled
Stain used to be $7 a quart 4 years ago it's now $13 that's almost double
Lumber has doubled , 2x4s cost far more than they used to.
Wax rings for toilets have gone up, door locks, insurance, property taxes everything so a$200 increase is mild I'm sure no one was paying $200 a month for rent, so it's not like it doubled like many of the expenses have, if you were paying $1000 per month that's only about a 20% increase which is fairly consistent with inflation across the board
@debra-annkretschmer3270 Incresese on insurance, taxes, waste water, garbage, and matinance are a bit much.
New plan should also include to bring the cost of current rates to be drastically reduced.
Well, if you decrease my costs as a landlord I'll be okay with it. During Covid I barely broke even. I wish I could show you the cost increases I have had to absorb. I'm selling now.
@@mmac8462 If you purchase a dwelling to rent to families or individuals, you should consider the amount that you're going to have to charge for rent to pay for what you have purchased and if you have to charge an extreme amount of rent which most landlords do then you should not buy the property.Cause you cannot afford it.
@@mmac8462 One of the biggest problems with landlords and people who purchase property to rent is you do not consider the fact that the cost of living increases or lack of does not keep up with your high rents. So people end up homeless and you end up having to sell or sell it at all or just have it taken away. Nobody wins when you refused to look at the big picture.People are not making the money to pay for the expensive rental properties.
Sounds like socialism. My property taxes have increased 100% in the past 3 years.
That’s good and bad also means your property value went up
5% 🤣🤣🤣🤣 bidens brain is baked
How about put a restriction on insurance company raising their premium. Home insurance, car insurance, medical insurance, property tax.
good first step, but preventing corporations from owning single family homes would be a much bigger benefit.
Why does Biden need congressional approval but Trump doesn't?
What about when insurance and taxes double ,?
It's the Sunshine Tax, CA, like San Diego, like all major cities within the State Of CA, it's a luxury than an actual place to afford to live in
Yes, in the dillusional minds of the wealth off....
A little too much at such a hard time for all Americans
5 percent is not good we have to stop them from rent guoghing
Not enough!! No one can afford homes anymore!! We don't want to be a nation of renters!! We don't want to spend all our income on rent!!
You will spend all of your Money on your rent you will never own a home and you will be happy
Too late
They have already made rent so high people only can pay it and there’s only one thing you can cut down on is food.So they waited a little late for rent prices. We need more money on SS. That what would help
Well in about 112 days there will be a large amount of vacancies.
NO CAP REMIX EXTENDED DOE 😮
Why just corporate?
It's good sounding but price controls only lead to increased cost of living.
And less inventory further exacerbating the problem
@@bigjimtenbillion Yeah, that increases cost of living.
I'm pretty sure he said 55$.
What if the inflation is higher than 5%?
Joe said $55. Show the quote where we said it. Stop lying
You have elderly retired disabled.People that can't even afford anything close to what they're asking for rent these days.How come you retired and all if a sudden in poverty.
It should be a 2 percent cap.
Why does he need to tame inflation if he says it doesn't really exist.... hmmmmm
Ikr what happened to it being " transitory" that was like 4 years ago
Joe biden: "anyway "
Maybe he just found out what had happened 🤔
Please 🙌
Cap at 1% should be ideal. Rent too high.
F that, make landlords PAY YOU to live there.
If you don't like it, buy your own house and quit crying.
Buy your own house!
well that is one more reason to build more housing. NOT!
not on private land 😂
No one even gets a salary increase of 5% a year the only thing that goes up every year is your rent and your grocery bill and your utilities your salary will stay the same and this does nothing to help anybody other than the ridge to get richer
Authoritarian much? lol!
Mister , I did that.
Joe is also in charge of all rentals public and private.
what a tool.
Lol, too late. 😅
Sounds illegal. How is this a federal matter ?
BIDEN THE BEST! 🗽🇺🇸🇺🇦🇮🇱
Caps on rent increases is an issue for local government.
It's an issue of freedom and free market.
The government can NOT tell land lords how much rent to charge.
What the hell is "housing justice"
What is it with these people
Can we just renounce our citizenship so we get free housing like the people crossing our southern border?
Government stay out of private sector.
I also wish to continue the freedom with the Future Single American Younger Female Lego RUclipsr who is not pregnant yet at the first time in California 🇺🇸 👍 🙂
I think they call daddy lesbian
Word Salad for the sheep 🐑
Biden could have already done that
Too late
He still gon win in NOV whether he does it or not...And he has almost done everything he promised people in 2020.😮😅😅vote blue in NOV.
Blu-fool
You must really enjoy making a fool of yourself. LOL LOL LOL LOL
5 is too low
Loserrrrrrrrrrrrrrr
How about he tells the companies like black rock they can't ever buy any houses. And stop letting landlords charge a house payment. All so they can pay for their homes in Hawaii.
It's the Sunshine Tax, CA, like San Diego, like all major cities within the State Of CA, it's a luxury than an actual place to afford to live in