Biden to call for 5% cap on annual rent increases, as he tries to show plans to tame inflation
Biden to call for 5% cap on annual rent increases, as he tries to show plans to tame inflation
President Joe Biden is ready to propose a 5% cap on annual rent increases for tenants of major landlords.
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That translates into rents doubling in less than 15 years
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Well mine went up 28% in a year so I’ll take 5%
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Good thing wages are going up!
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Where I'm at it's indexed to inflation (but circumvented by evicting renters then raising rates illegally like someone else mentioned). Setting a target higher than the target inflation is mostly symbolic. Outside of specific situations like Covid, it is not likely to change much materially at 5%.
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I was being sarcastic, wages have not really gone up inflation adjusted for majority of people over last 40 years in the US.
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