Biden proposes eliminating tax breaks for landlords who raise rent more than 5 percent

President Biden on Tuesday proposed eliminating tax breaks for landlords who raise their tenants’ rent more than 5 percent each year, as part of a larger effort by the administration to lower housing costs. 

The president called on Congress to pass legislation that would bar corporate landlords who raise rent more than 5 percent a year from taking advantage of accelerated depreciation write-offs. 

The proposed rule would apply to landlords with over 50 units, which would cover...