Biden Arrives in Las Vegas to Campaign at NAACP Convention
July 16, 2024
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1:00Now PlayingBiden Arrives in Las Vegas to Campaign at NAACP Convention
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as posted by the channelPresident Joe Biden is calling on Congress to pass a form of national rent control for some 20 million apartment units nationwide, a dramatic federal intervention in the housing market on behalf of current tenants.
The proposal would give large landlords a choice: Either they agree to cap rent hikes at no more than 5% per year, or they forfeit federal tax breaks coveted by rental property owners.
The plan is an effort to respond to Americans' frustrations about high housing costs, which have hurt Biden's standing among voters. Yet the proposal faces steep odds in Congress, where legislation would have to pass the GOP-controlled House and win a supermajority of votes in a closely divided Senate — at a time when lawmakers are squarely focused on the November election.
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