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.”
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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.
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