U.S. President Joe Biden will unveil a proposal Tuesday to cap housing rental costs nationwide

[mystery-ak]

https://twitter.com/NEWSMAX/status/1812947753238208833

Biden to Propose Capping Rents: Washington Post

Monday, 15 July 2024 03:11 PM EDT

U.S. President Joe Biden will unveil a proposal Tuesday to cap housing rental costs nationwide, The Washington Post reported on Monday, citing three people familiar with the matter.

Biden will announce the plan in Nevada, a state that has seen soaring housing costs and one that is critical to Democrat Biden's chances in the Nov. 5 election against presumptive Republican nominee Donald Trump.

The proposal calls for stripping a tax benefit from landlords who increase their tenants' rent more than 5 percent per year, the Post reported. It would only apply to landlords who own more than 50 units, which represents roughly half of all rental properties, the news outlet said.

Biden's plan would need to be approved by Congress, the Post added.

more
https://www.newsmax.com/finance/streettalk/biden-rent-inflation/2024/07/15/id/1172620/

[libertybele]

I have no words for this idiocy. FJB!!!

[LMAO]

Rent control is like every other aspect of price controls is that it creates shortages. If enacted, it will create housing shortages

Are we so out of ideas in this country that we keep going back to policies that have a record of either outright failure or unintended consequences?

[berdie]

That ought to go over well with landlords.

[Kamaji]

Wanna know who benefits the most from rent control/stabilization?  Rich white liberals, that's who.  In 2005, when NYC came the closest it's ever come to deregulating rents, a study was conducted to determine what neighborhoods were getting the most benefit from rent control/stabilization.  Turns out that the ultra-expensive apartments in the financial district that were under rent control had rents that were significantly below market-rate rents for the same type of apartment, whereas rent controlled apartments in Astoria, Queens, actually had rents that were higher than the market-rate rents for the same type of apartment.

Rich white liberals live in places like the financial district; they don't generally live in Astoria (at least not in 5-story walk ups that have been carved into 10 or more apartments).  However, working class folk at the lower end of the economic spectrum do live in Astoria.

[Wingnut]

What is next.  Wage and price controls Joe.

Has this old walking shitbag ever comes up with anything other than old failed policies designed to hurt the middle class?

[mystery-ak]

Biden's New Inflation Plan: How About Federal Rent Control?
Ed Morrissey


Enough about Joe Biden's mindless nastiness. I'll take my cue from Donald Trump and Biden himself and focus on policy this morning.

Specifically, let's talk about Joe Biden's mindless and nasty demagoguery on economic policies. Faced with the electoral consequences of his corrosive inflationary wave, especially in shelter costs, Biden has to come up with some promised policy solution. And that is ... federal rent control:

    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.

Price controls! Yes, those always work, don't they?

more
https://hotair.com/ed-morrissey/2024/07/16/bidens-new-inflation-plan-how-about-federal-rent-control-n3791854