In housing news, President Biden has unveiled a plan to limit annual rent increases to no more than 5%. Landlords who fail to comply would lose their tax benefits. The rule would apply to corporate landlords who control at least 50 units, which amounts to roughly half the rental market, or 20 million units, nationwide. Democrats would likely need to control Congress in order for the proposal to pass. Biden outlined the plan during a speech before the NAACP on Tuesday but mistakenly said he was capping rent increases at $55 instead of 5%.

President Joe Biden: “The idea — the idea that corporate-owned housing is able to raise your rent 300-400 bucks a month or something? Under what I’m about to announce, they can’t raise it more than $55.”