Apartments for lease on March 19 in Austin, where rents in 2024 have declined more than in any other city in the country. The Biden administration is set to announce a new cap on how much rents can go up in certain affordable housing units that are subsidized by the federal government.limits the amount property owners can raise rents if they are part of a tax credit program for low-income housing.
Yet tenant advocates, including those who have criticized the White House for not being more aggressive on rent costs in the past, applauded the decision. Tara Raghuveer, director of the National Tenant Union Federation, said her focus wasn’t on the specific 10 percent cap. Her takeaway is the administration“This is a historic win that will protect millions of tenants against rent gouging and stabilize them in their homes,” Raghuveer said.
The Biden administration has targeted different slices of America’s housing market. Some of those initiatives target supply, like a commitment to build and preserve 2 million homes. Other proposals try to help middle-class first-time buyers.Basically, most people agree more housing is key to a solution. The Department of Housing and Urban Development, plus senior administration officials, said supply won’t take a further hit because of the new cap.