Biden will announce plan to cap rents at 5% nationwide

U.S. President Joe Biden is set to unveil a proposal on Tuesday to cap housing rental costs nationwide, The Washington Post reported on Monday, citing three sources familiar with the matter.

Biden will announce the plan in Nevada, a state that has experienced significant increases in housing costs and is crucial to his chances in the upcoming November 5th election against presumptive Republican nominee Donald Trump.

The proposal aims to remove a tax benefit from landlords who raise their tenants' rent by more than 5 percent per year, the Post reported. This would only apply to landlords who own more than 50 units, which accounts for roughly half of all rental properties, according to the news outlet.

Biden's plan would require congressional approval, the Post added.

The White House declined to comment on the report. However, a source indicated that Biden intends to take further action to limit rent increases and address price gouging by corporate landlords.