Biden Makes Move Toward a Radical National Rent Control Law

Biden Makes First Move Toward a Radical National Rent Control Law

Since the beginning of the republic, laws governing rent and leases have been local matters. If a landlord is cheating renters, local and state governments have the authority and the tools to punish the landlord. And being much closer to the problems of renters and landlords than anyone in Washington, local and state governments have a much better handle on the local rental housing situation.

But now, the federal government doesn’t believe that landlords should be compensated for owning rental property. They’re “gouging” renters. This is after more than two years of preventing landlords from evicting renters for non-payment of rent. And in a period of rapidly rising inflation, landlords are being accused of “profiteering” at the expense of renters.

“We believe that the administration can go significantly further to help tenants struggling to pay rent as soon as next week,” Rep. Jamaal Bowman (D-NY) said. “We need actions that will urgently address skyrocketing housing costs, keep people housed, and rein in corporate profiteering…I look forward to continuing to work with the Biden Administration on this issue.”

It’s a ridiculous charge given that 98 percent of all rental property owners, or 80 percent of all rental properties, are owned by small business entrepreneurs who own five units or fewer, according to a study in Business Wire.

These rules, and any legislation supported by AOC, would destroy the rental housing market and make it much harder to find affordable housing. What small business owner wants to be beholden to Washington for their business? Rental housing will disappear — perhaps the intended purpose of the new rules.

The narrative of corporate greed being responsible for rent increases is a far easier sell than small businesses struggling to keep their properties during an inflationary economy that Warren, AOC, and Biden are mostly responsible for.