Biden Administration Proposes Affordable Housing Measures

A coalition of Democratic lawmakers has reintroduced the American Housing and Economic Mobility Act, aiming to build or rehabilitate nearly 3 million housing units over the next decade, which could lower rents for lower-income and middle-class families by 10%. This proposal, primarily funded by adjustments to estate tax thresholds, has garnered support from multiple Democratic senators and representatives. Concurrently, President Biden is pushing for rent caps on corporate landlords and more affordable housing initiatives, responding to the high percentage of renters burdened by costs. Biden's plan includes denying tax credits to landlords who raise rents above 5% annually, potentially affecting over 20 million renters. In local developments, Dallas is updating its land use plan amid debates over density and neighborhood compatibility, while Northeast Ohio sees a rise in high-end apartment constructions amid concerns regarding gentrification. Lastly, the Biden administration plans to sell federal land near Las Vegas for affordable housing, under a program that aims to provide homes for first-time buyers at below-market rates.