President Joe Biden speaks from the Roosevelt Room of the White House in Washington, Sunday, July 14, 2024, about the apparent assassination attempt of former President Donald Trump at a campaign rally in Pennsylvania. – 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.
Biden himself previewed the announcement at his NATO news conference Thursday, folding it into comments that blamed inflation on companies trying to maximize their profits in the aftermath of the pandemic. found in its most recent report that half of renters were “cost burdened” because they spend more than 30% of their income on housing and utilities.