New Proposal-Biden Unveils Plan to Cap Rent Hikes

If you’re a landlord, you’ve already been navigating a monster amount of changes in the last 5 years. Here’s a list to start:

1. Rent Cap Just Cause Eviction
   1. Eviction Notices
   2. Rent Increase Limits
   3. City Specific Eviction Proceedings
2. Security Deposit Caps
3. Insurance Policy Changes
4. ADU Permits

By no means, is landlording the same game as it was just even 5 years ago. As with many changes, there are two different perspectives. Either way, there are rules and guidance to navigating the tenant/landlord relationship. Now, we have potential for one more change at the national level.

Biden has unveiled a plan to cap rents at the national level. So far, the proposal consists of the following:

1. Withdrawing tax credits from landlords who raise rent by more than 5% per year, beginning this year and for the next two years.
2. The plan would apply only to larger landlords who have more than 50 units in their portfolio.
3. The policy would include an exception for new construction and buildings that are being substantially renovated.

For more information regarding the proposal and other relevant news, click here to read the full article.