President Joe Biden unveiled a series of proposals on Tuesday aimed at reducing housing costs, as inflation and rising home prices become pivotal issues for voters this year.
The plan, pending congressional approval, seeks to revoke tax credits from landlords who raise rent by more than 5% annually, effective this year and for the next two years. This measure targets larger landlords owning over 50 units, encompassing more than 20 million rental units nationwide, according to the White House.
Exceptions will be made for new constructions and buildings undergoing substantial renovations, aiming to encourage the development of new rental properties to increase the supply of available apartments and homes.
“While the prior administration gave special tax breaks to corporate landlords, I’m working to lower housing costs for families,” Biden stated. “Republicans in Congress should join Democrats to pass my plan to lower housing costs for Americans who need relief now.”
Also Read: Biden Promises to Designate Kenya a Major non-NATO Ally
Despite the overall slowing of inflation, housing costs remain a significant burden for many Americans. A report from the Joint Center for Housing Studies at Harvard University revealed that a record-high 22.4 million renter households spent more than 30% of their income on rent and utilities in 2022, an increase of 2 million households over the past three years.
New inflation data released last week indicated that shelter inflation rose in June at the slowest pace in three years. However, housing prices increased by 5.2% annually, outpacing overall inflation.
Recent polls highlight the importance of this issue to voters, with 36% of Americans identifying economic concerns as the most pressing problems facing the country, according to a June Gallup poll. Specifically, 14% cited the high cost of living as the biggest issue.
Although the proposal addresses a critical issue, it is uncertain if Congress will pass such a bill so close to a presidential election.
Thank you for sharing superb informations. Your web-site is very cool. I’m impressed by the details that you have on this blog. It reveals how nicely you understand this subject. Bookmarked this website page, will come back for extra articles. You, my friend, ROCK! I found simply the info I already searched everywhere and simply could not come across. What an ideal web site.
I am always searching online for posts that can benefit me. Thank you!
Great write-up, I am normal visitor of one?¦s blog, maintain up the nice operate, and It’s going to be a regular visitor for a lengthy time.
I have not checked in here for some time as I thought it was getting boring, but the last few posts are great quality so I guess I?¦ll add you back to my daily bloglist. You deserve it my friend 🙂
Saved as a favorite, I really like your blog!
Great website. A lot of useful information here. I am sending it to some buddies ans also sharing in delicious. And certainly, thank you for your effort!
Very interesting information!Perfect just what I was searching for!
I like this post, enjoyed this one thanks for putting up. “We seldom attribute common sense except to those who agree with us.” by La Rochefoucauld.
I would like to thnkx for the efforts you have put in writing this blog. I am hoping the same high-grade blog post from you in the upcoming as well. In fact your creative writing abilities has inspired me to get my own blog now. Really the blogging is spreading its wings quickly. Your write up is a good example of it.
Terrific work! This is the kind of info that are supposed to be shared around the net. Shame on the search engines for not positioning this submit higher! Come on over and discuss with my site . Thank you =)
you’re really a good webmaster. The website loading speed is incredible. It seems that you are doing any unique trick. In addition, The contents are masterwork. you’ve done a wonderful job on this topic!
Hello, Neat post. There’s a problem with your website in web explorer, could test this?K IE nonetheless is the marketplace chief and a large component of other people will omit your wonderful writing because of this problem.
Keep functioning ,terrific job!
Hello! I simply want to give a huge thumbs up for the nice information you’ve here on this post. I shall be coming again to your blog for extra soon.
I don’t even know how I ended up here, but I thought this post was great. I don’t know who you are but definitely you are going to a famous blogger if you are not already 😉 Cheers!
I saw a lot of website but I believe this one holds something special in it in it
Does your site have a contact page? I’m having a tough time locating it but, I’d like to send you an email. I’ve got some creative ideas for your blog you might be interested in hearing. Either way, great website and I look forward to seeing it expand over time.
What i do not realize is actually how you’re no longer really much more neatly-liked than you might be now. You’re so intelligent. You realize thus significantly in terms of this topic, produced me individually believe it from so many various angles. Its like men and women aren’t involved unless it is one thing to do with Girl gaga! Your personal stuffs excellent. All the time take care of it up!
It is in point of fact a great and helpful piece of info. I am satisfied that you simply shared this useful information with us. Please stay us informed like this. Thanks for sharing.
Do you mind if I quote a couple of your articles as long as I provide credit and sources back to your blog? My blog site is in the very same area of interest as yours and my visitors would genuinely benefit from some of the information you present here. Please let me know if this okay with you. Thanks a lot!
It’s a pity you don’t have a donate button! I’d certainly donate to this fantastic blog! I suppose for now i’ll settle for bookmarking and adding your RSS feed to my Google account. I look forward to new updates and will share this blog with my Facebook group. Chat soon!
I love it when people come together and share opinions, great blog, keep it up.