Biden calls for 5% cap on annual rent increases to tame inflation

WASHINGTON, D.C.: President Joe Biden plans to propose a five percent cap on annual rent increases for tenants of large landlords, aiming to address high housing costs that contribute significantly to inflation, according to a source familiar with the proposal.

This announcement is expected during his visit to Nevada on July 16, amidst his re-election campaign.

The proposal targets landlords owning 50 or