07/15/2024
Biden will destroy the multi family and housing industry with this!
From the National Multi Housing Council:
Dear NMHC Members,
As you all likely know, President Joe Biden used the first 2024 presidential debate and his recent NATO summit press conference to make apparent announcements and campaign promises on his plans to cap rents. And just today there is reporting by the Washington Post that President Biden will announce a plan to cap rents nationwide tomorrow in Nevada as the Republican National Convention is underway. The plan would strip a tax benefit from landlords who increase rent by more than 5% and the measure would apply to all landlords who own more than 50 units.
During the recent debate President Biden said, "We're going to make sure we reduce the price of housing. We're going to build 2 million new units. We're going to cap rents so corporate greed can't take over."
At President Biden’s press conference following the NATO summit, he stated, “If I’m reelected, we’re going to make sure that rents are kept at 5% increase… corporate rents for apartments and the like and homes are limited to 5%.” Only Congress, not the Administration, has the legal authority to change the tax code. Thus this proposal raises a number of questions.
The Housing Solutions Coalition, was quick to reply to these statements from Biden, pointing out that, “Decades of academic research from across the United States and around the world clearly show that rent caps – more commonly known as rent control – reduce the supply of available housing and fail to target those renters who need help the most while simultaneously harming other residents and the communities they reside in. Despite President Biden's mention of rent caps during the debate, he and his policy experts know that the real reason so many Americans struggle with housing costs is because we need to build more housing. There is no debate. Rent caps hurt renters and communities."
The Housing Solutions Coalition is a collaborative effort of professionals and experts from different but related corners of the real estate industry. Through this coalition, we aim to promote workable solutions to the current housing crisis, guided by the belief that every American should have fair access to quality housing that they can afford.
