Biden called on Congress to pass legislation that would force landlords to cap rent increases

In an announcement shared by the White House on Tuesday, Biden called on Congress to pass legislation that would force landlords to cap rent increases on existing units at 5 percent per year or risk losing federal tax credits. The move, which would be implemented this year and cover the next two years, targets larger landlords with over 50 units in their portfolio. That counts for more than 20 million units across the country, according to the White House.