Biden Proposed a Rent Cap for Corporate Landlords. What’s Next?
Biden Proposed a Rent Cap for Corporate Landlords. What’s Next?
Biden’s rent control plan must pass through Congress to become reality. Tenants say the president could still act now.
Taxing the hell out of income properties, not just corporate landlords, but also retail hustlers that are also adding fuel to the fire.
Hell, raise taxes in general. Make the wealthy "use it or lose it" instead of engaging in financialization.
I think taxes will get passed to the renters in this case. I remember in econ 101 that for inelastic goods (such as housing) there's a way to calculate how much of a tax will get passed to the consumer (i.e. Renter). The more inelastic the demand, the more the tax is paid by the consumer because they don't really have a choice. Raising taxes would probably just drive rents up and possibly make more people homeless or forced to choose worse living options (e.g. Domestic violence would likely increase).
Maybe this approach is meant to avoid this problem. It probably creates other problems though. But better shouldn't be the enemy of good. The problem needs to be solved because using real estate as investment vehicles is destroying the financial futures of young generations.
A 60% rent claw back :D
And after that, tie it to inflation
The corporate democrats who inside trade want him to step down.
More progressive action in his admin and "progressives" here back all the articles calling for him to step down.
You getting dizzy from all that spin?
I applaud the work that Biden has done and if we could keep his cabinet in power for another four years I'd be as happy as a clam. I, and I believe most of the other folks, want Biden to drop out because we believe he isn't able to actually win reelection and Trump is an existential threat.
FUCK THAT SOCIALIST BULLSHIT!!!
Amirite?? Is making public policy that stops greedy assholes but popular with the voting public what we're supposed to be doing here? Oh....fuck. -GOP
Biden’s rent control plan must pass through Congress to become reality.
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I usually hate emojis, but this was the best way to express my reaction.
What’s Next?
Nothing, the answer is nothing.
This is "proposal" has about the same chance of passing Congress as I do of farting diamonds. It's just empty rhetoric to pander to voters. Can't say I blame Biden for putting it out there, elections are all about empty promises. But ya, he may as well be promising unicorns and rainbows for everyone, for all the chances this has of becoming law.While it might seem good in theory. This is just going to result in a yearly 5% rent increase. Salaries don't increase that much. So this doesn't really do anything to curb the issue.
While accurate that pay needs to rise too, some people would kill (not literally) for just a 5% increase. A lot of people have 10-15% increases so it just being 5 percent would be huge for millions of renters. And it's not like landlords aren't already increasing rent every year.
Yeah, it's still better than nothing. Just wish it was more like 2.5 - 3%. Which is more in line with what people see with yearly raises.
Probably a court case and a reversal.
Capping rent on an amount we already can't afford doesn't doesn't work