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Excerpt from legalinsurrection.com
The Washington Post reports that President Joe Biden will announce a plan to cap rent increases at 5% nationwide in Nevada on Tuesday.
Congress would need to approve the plan, so it’s unlikely it will get past the House.
Here are some points:
- Landlords lose tax benefits if they raise rent higher than 5%.
- It only applies to those who have over 50 units.
- Won’t cover under-construction units to not discourage people from building new housing.
