Dr. David Jaffe says the law President Biden is pushing Congress to pass, doesn't apply to single family homes that have been converted into rental properties.
JACKSONVILLE, Fla. — President Joe Biden is calling on Congress to pass a law that would require corporate landlords to cap rent increases at 5%.
"While the prior administration gave special tax breaks to corporate landlords, I’m working to lower housing costs for families. Republicans in Congress should join Democrats to pass my plan to lower housing costs for Americans who need relief now," Biden said in a statement. The proposal however, needs to go through the house and senate to become a reality. This proposal has an uphill climb among house Republicans and Democrats. Critics said it discourages new construction and it would hurt the overall economy.
"I'd say it's many days late, many dollars short, in terms of the fact," Jaffee said."In Jacksonville, we've seen since basically 2019, 2020 on average, about a monthly increase of $300 to $400 a month in rent. And that's about a 30 to 35% increase."
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