President Biden to unveil plan to cap rent prices

(CNN)– President Biden is working to set a federal cap on rent prices.

His plane would eliminate a tax benefit for landlords who increase their tenant’s’ rent more than 5% a year.

It would only impact landlords who own more than 50 units which represents about half of all renewal properties.

It would not apply to units that haven’t been built yet.

Biden’s plan would need to be approved by Congress before going into effect.