Biden administration says it wants to cap rent increases at 5% a year. Here's what to know.
CBSN
The Biden administration is proposing a new way to keep rents around the U.S. from soaring: limit corporate landlords to annual rent increases of no more than 5%, or else they would lose a major tax break.
The proposal comes as many households across the U.S. struggle to afford rents, which have surged 26% nationally since early 2020, according to a recent report from Harvard's Joint Center for Housing Studies. Although costs for many items are easing as inflation cools, housing prices remain stubbornly high, rising 5.2% on an annual basis in June.
The idea behind the plan is to push midsize and large landlords to curb rent increases, with the Biden administration blaming them for jacking up rents far beyond their own costs. That has resulted in corporate landlords enjoying "huge profits," the administration said in a statement.
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Robert Morris, founding pastor of Gateway Church, a megachurch in Southlake, Texas, has been indicted on five counts of lewd or indecent acts with a child, stemming from alleged incidents dating back to the 1980s, the Oklahoma attorney general's office announced Wednesday. We are aware of the actions being taken by the legal authorities in Oklahoma and are grateful for the work of the justice system in holding abusers accountable for their actions. We continue to pray for Cindy Clemishire and her family, for the members and staff of Gateway Church, and for all of those impacted by this terrible situation.
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