Biden unveils plan to cap national rent increases at 5%

President Biden unveiled a plan to stop the astronomical rise in rent by penalizing corporate landlords who raise rents by more than 5% each year.

If landlords did not restrict rent increases to 5% or less, they would risk losing access to lucrative tax breaks.

"Rent is too high and buying a home is out of reach for too many working families and young Americans," Biden said in a statement. "Today, I'm sending a clear message to corporate landlords: If you raise rents more than 5%,...