Biden to Limit Rent Increases to $55 Annually
- Thread starter fatpiggy
- Start date
“Calling on Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax break.”
www.whitehouse.gov
The tweet is misleading, to say the least. Biden asks Congress to pass a law that would end a subsidy for landlords with 50 or more units if they raise rent too much, and it’s portrayed as socialist Darth Biden waving his magic wand to crack down on every rent increase everywhere
I’m shocked.
Longer term, we need more housing. It’s fair to want that and criticize Joe for not getting it done without inventing stuff
FACT SHEET: President Biden Announces Major New Actions to Lower Housing Costs by Limiting Rent Increases and Building More Homes | The White House
President Biden calls on corporate landlords to cap rent increases at 5% and takes action to make more public land available for housing President Biden is taking action to make renting more affordable for millions of Americans. Today, President Biden is announcing new actions to lower housing...
The tweet is misleading, to say the least. Biden asks Congress to pass a law that would end a subsidy for landlords with 50 or more units if they raise rent too much, and it’s portrayed as socialist Darth Biden waving his magic wand to crack down on every rent increase everywhere
I’m shocked.
Longer term, we need more housing. It’s fair to want that and criticize Joe for not getting it done without inventing stuff
Last edited:
Since I did a bunch of flips and converted to rental to sell
I can share what I found
Rental markets in Columbia and Charleston have some ceilings for the middle class folk
Fort Jackson helps keep the rental rate around the per diem just as in charleston or near any military facility
Yearly property taxes at the higher 6 instead of 4 percent apportionment bits along with insurance just recently busting ass
Add in a property management fee and that drives the monthly rent to like a $1000 a month
Then throw in some holdback for repairs or call it deletion and it starts moving up costs swiftly
Rental did not make the money
We killed it on capital gains after holding 2 to 3 years and walking away
But be careful as rising house prices and low interest rates saved us for a while along with low inventory
Don ‘t count on all that to continue
Houses are flying up everywhere
out of that now as my age is killing working hard
I can share what I found
Rental markets in Columbia and Charleston have some ceilings for the middle class folk
Fort Jackson helps keep the rental rate around the per diem just as in charleston or near any military facility
Yearly property taxes at the higher 6 instead of 4 percent apportionment bits along with insurance just recently busting ass
Add in a property management fee and that drives the monthly rent to like a $1000 a month
Then throw in some holdback for repairs or call it deletion and it starts moving up costs swiftly
Rental did not make the money
We killed it on capital gains after holding 2 to 3 years and walking away
But be careful as rising house prices and low interest rates saved us for a while along with low inventory
Don ‘t count on all that to continue
Houses are flying up everywhere
out of that now as my age is killing working hard
1) it’s a horrible policy“Calling on Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax break.”
FACT SHEET: President Biden Announces Major New Actions to Lower Housing Costs by Limiting Rent Increases and Building More Homes | The White House
President Biden calls on corporate landlords to cap rent increases at 5% and takes action to make more public land available for housing President Biden is taking action to make renting more affordable for millions of Americans. Today, President Biden is announcing new actions to lower housing...
The tweet is misleading, to say the least. Biden asks Congress to pass a law that would end a subsidy for landlords with 50 or more units if they raise rent too much, and it’s portrayed as socialist Darth Biden waving his magic wand to crack down on every rent increase everywhere
I’m shocked.
Longer term, we need more housing. It’s fair to want that and criticize Joe for not getting it done without inventing stuff
2) he totally said the wrong thing. He meant 5% but, thought about it, stated at the camera, and said the wrong thing.
1) Maybe it is, maybe it isn't. If I'm not a large real estate investor, why should I want a large real investor to get a government subsidy (that I pay for) while it raises rent? It's 100% a criticism that cost just gets passed on. That should be the Travis tweet. Not invented criticism.
2) He did indeed, and he mumbled. It remains the case that he's not going to ban anything. He's asking Congress to end a subsidy that doesn't affect small time landlords.
Last edited:
I am by no means a real-estate person but if subsidies are cut out wouldn't that hurt low income people. My understanding subsidies help pay for the total price of rent per month. Renter pays a lower amount out of pocket.
If rent is 1k per month renter may pay 600 out of pocket subsidies from the government pays 400 without subsidies renter pays 1k.
IMO more people will be homeless.
If rent is 1k per month renter may pay 600 out of pocket subsidies from the government pays 400 without subsidies renter pays 1k.
IMO more people will be homeless.
Right, but I think the argument is they are both charging 1000 and getting the 400 subsidy.
Well at least it's only those with >50 units. My PM was slack the last few years and didn't keep our rents at market, so we're having to play catch up over the next couple of cycles. Certainly >5% / yr.
