What would Biden’s proposed 5% nationwide rent cap mean for the Bay Area?

President Joe Biden on Tuesday announced a new proposal to cap rent increases for many apartment buildings nationwide, a plan cheered by Bay Area tenant advocates but one that landlords and experts said could exacerbate the region’s chronic housing shortage.

Biden unveiled the proposal that would require approval by Congress, following an earlier pledge during his State of the Union address in March to rein in soaring housing costs across the country.

“Rent is too high and buying...