by Stacy M .Brown
As he continues to battle the twice-impeached and 34-times-convicted felon and Republican Presidential nominee Donald Trump, President Joe Biden has not stopped working to improve the lives of the poor, disadvantaged, and disenfranchised. In his latest effort to level the playing field, Biden announced a series of actions to make renting more affordable for millions of Americans.
- Advertisement -
The President’s plan includes:
Legislative Push: Calling on Congress to pass a law forcing corporate landlords to cap rent increases at 5% or lose valuable federal tax breaks.
Public Land Repurposing: Utilizing public land to create up to 15,000 affordable housing units in Nevada.
Housing Rehabilitation: Revitalizing distressed housing and neighborhoods, particularly in Las Vegas, Nevada.
Biden emphasized the urgent need for Congressional action to make the American Dream accessible to more families. His proposed Biden-Harris Housing Plan aims to build 2 million homes and provide $10,000 in mortgage relief, potentially unlocking homeownership for millions. Housing construction has already reached its highest level in over 50 years, with new housing starting up 17% compared to the previous administration.
Holding Corporate Landlords Accountable
A significant element of Biden’s plan is cracking down on corporate landlords who have exploited housing shortages by imposing steep rent hikes. “Corporate landlords have raised rents far beyond their own cost increases, reaping huge profits while millions of Americans struggle to afford their homes,” Biden stated.
The President is urging Congress to pass legislation that gives corporate landlords a choice: cap rent increases at 5% or lose federal tax benefits. This policy would apply to landlords with over 50 units and is designed to stabilize rents while new housing is built.
Protecting Renters and Expanding Housing Supply
The Federal Housing Finance Agency (FHFA) will introduce new protections for renters in multifamily properties financed by Fannie Mae and Freddie Mac. These include a mandatory 30-day notice before rent increases, lease expirations, and a five-day grace period for late fees.
Repurposing Public Land for Housing
The administration is also repurposing federal land to build thousands of affordable homes. The Bureau of Land Management (BLM) will sell 20 acres of public land to Clark County, Nevada, at below-market rates, enabling the construction of nearly 150 affordable homes. Additionally, 562.5 acres in Southern Nevada have been identified for potential housing projects, which could create up to 15,000 new units.
The United States Forest Service (USFS) and the United States Postal Service (USPS) will lease land for workforce housing and repurpose surplus properties for housing developments.
Community Revitalization
HUD is announcing $325 million in Choice Neighborhoods grants to build new affordable homes, spur economic development, and revitalize communities nationwide. These grants will fund the construction of over 6,500 units and leverage $2.65 billion in additional investments. Cities such as Las Vegas, Syracuse, Chattanooga, and Miami are among the recipients.
Legislative Roadblocks and Republican Opposition
Despite these initiatives, Republicans in Congress have blocked Biden’s housing agenda. Efforts to cut rental assistance and programs that lower mortgage costs have been stymied, and Senate Republicans are currently holding up a bipartisan bill to help build 200,000 affordable homes.
Biden remains committed to his housing goals, stressing the importance of Congressional support. Experts said the President’s ambitious plans likely would be repealed under a potential Trump administration where the conservative Project 2025 would make America devastatingly cruel to people with low incomes and disenfranchised, as well as the middle class and most African Americans, Latinos, LGBTQ, and other minorities.
“We must stand up to corporate landlords and build more homes to lower rents,” Biden asserted.
