In her stump speech in Atlanta on Tuesday, Vice President Harris stated, “On day one, I will take on price gouging and bring down costs. We will ban more of those hidden fees and surprise late charges that banks and other companies use to pad their profits. We will take on corporate landlords and cap unfair rent increases.”
This concept follows the proposal put forth by President Biden in the waning days of his campaign, calling on Congress to enact a plan to effectively limit rent increase to 5% on apartments in portfolios over 50 units. His proposal was widely criticized by economists and commentators on the right and the left as exacerbating the housing crisis by limiting the development of much needed new housing to address our national shortage, increasing costs for existing renters and failing to help those of low to modest means who need assistance.
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