Biden targets housing costs with new proposals

By Megan SaylesAFRO Business Writermsayles@afro.com Stephen K. Benjamin serves as senior adviser to President Joe Biden and director of public engagement for the White House. (Photo courtesy of the White House) President Joe Biden recently announced new efforts to reduce housing costs for Americans. The proposals include imposing rent caps on corporate landlords and building more affordable housing.The move comes after the Biden-Harris administration revealed its Housing Supply Action Plan in May. It is designed to drive down housing expenses over time by increasing the supply of homes across the country.& “Families deserve housing that’s affordable—it’s part of the American Dream,” said Biden in a& July 16 statement. “Rent is too high and buying a home is out of reach for too many working families and young Americans, after decades of failure to build enough homes. I’m determined to turn that around.”According to Harvard University’s Joint Center for Housing Studies, 49 percent of renters were cost-burdened in 2021, spending more than 30 percent of their income on housing.If passed by Congress, Biden’s proposal would deny federal tax credits to landlords who increase rent by more than 5 percent each year. The policy would start this year and continue for the...