Afrigather By Steve Holland and Kanishka Singh
WASHINGTON (Reuters) – U.S. President Joe Biden’s administration will quickly announce a ten% cap on yearly lease will increase for sure reasonably priced housing models which are backed by the federal authorities, a senior administration official mentioned on Friday.
The step restricts lease will increase by property house owners if they’re a part of a tax credit score program for low-income housing, the official added, confirming particulars reported by the Washington Submit.
The brand new rules will probably be introduced on Monday, the official mentioned.
The U.S. Division of Housing and City Growth didn’t instantly reply to a request for remark.
With worries about excessive rents and mortgage rates of interest contributing to voters’ bitter views concerning the economic system, Biden, a Democrat, will goal to tout his administration’s newest proposals to make housing extra reasonably priced as he campaigns for re-election towards Republican former President Donald Trump.
Trump has lambasted Biden’s financial insurance policies, blaming them for inflation in a number of sectors of the economic system.
The White Home has additionally referred to as on Congress to assist investments to decrease housing prices. Congress is unlikely to go main laws in an election yr, however the president’s dialogue of the subject displays consciousness of the influence it may have on his re-election hopes.
