Biden Discusses Rent Control Proposal

Let’s talk about President Biden’s recent speech at the 115th NAACP National Convention in Las Vegas, which has sparked some buzz due to a teleprompter mishap. The President was there to announce a new rent control policy aimed at helping tenants under major landlords. But things didn’t go quite as planned.

During his speech, Biden aimed to propose a 5% cap on rent increases for tenants under corporate landlords. However, he stumbled over his words when reading from the teleprompter.

Here’s how it went down: Biden started by addressing the issue of rising rents, saying, “Look, folks, the idea, the idea that corporate-owned housing is able to raise your rent, 300, 400 bucks a month or something?” He then paused, leaned in to the teleprompter, and said, “Well, I’m about to announce that they can’t raise it more than… 55 dollars.”

The crowd cheered after a moment of confusion, and the apparent mistake was not acknowledged during the speech. However, when Biden previewed this proposal at the NATO conference last week, he correctly stated the 5% figure, saying, “It’s time things get back in order a little bit. If I’m re-elected, we’re going to make sure that rents are kept at a 5% increase.”

To clear up any confusion, the Biden administration released an official statement and fact sheet on Wednesday. The statement corrected the figure, making it clear that the proposed rule aims to cap rent increases at 5%, not $55.

Biden also reiterated the policy on social media, saying, “I’m sending a clear message to corporate landlords: If you raise rents more than 5%, you should lose valuable tax breaks. Families deserve housing that’s affordable – it’s part of the American dream.”

The proposed rule targets landlords with more than 50 units, which would impact over 20 million units, or about half the rental market in the United States, according to the administration’s fact sheet. This measure is part of Biden’s broader agenda to ensure housing affordability and protect tenants from excessive rent hikes.

Despite the teleprompter flub, the policy aims to address a significant issue facing many American families: the rising cost of rent. By capping rent increases at 5%, the administration hopes to make housing more affordable and provide stability for renters across the country.