President Biden released a statement on July 16 announcing that he would push for a rent cap of 5% on existing housing units — posing the question of what this would mean for Bay Area housing. The announcement stated that Biden would push for Congress to pass legislation to cap rent increases on existing units at 5% specifically for corporate landlords, or they would not receive certain federal tax breaks. As of now, there is no set plan for precisely how this would be implemented, but it would apply to landlords owning more than 50 apartments. Read more through the link in bio. ✍️: Reena Alsakaji 📸: Jun Oh . . . #ucberkeley #dailycal #housing #berkeleycity