President Biden on Tuesday unveiled a series of proposals aimed at lowering housing costs for Americans as the cost of living continues to be a decisive issue heading into November’s election. The plan calls on Congress to pass a law that would withdraw tax credits from landlords who raise rent by more than 5% annually. If passed, the plan would apply to landlords with at least 50 units in their portfolio, meaning that overall, 20 million units nationwide would be affected, according to the White House. That’s about half of all rentals in the United States. The policy would include an exception for new construction and buildings that are being “substantially renovated,” although there is currently no definition of what that means. ...For more on this story and Virginia news and updates, follow us vadogwoodnews #virginianews #housing #bidenharris #election2024 #news #virgnia