Yes, the rent is too damn high. And that why President Joe Biden plans to unveil a new 5% cap on rental increases nationwide, a proposal aimed at stemming inflation-driven housing costs that have not dipped since the pandemic. He is expected to release the policy during a campaign stop in Nevada. Via USAToday:

Under the new measure, which would require congressional approval, corporate landlords would lose the ability to write off depreciation values from their units if they increase tenants' rent more than 5%.

“Some corporate landlords are raising rents by more than their costs, expanding their profits at a time when millions of Americans are struggling to cover rent each month to address the high cost of rent,” said Lael Brainard, Biden's National Economic Council director in a call with reporters.

In places like Las Vegas investors are buying up homes with cash, turning them into rental properties and raising rents, the Biden advisor said.

The plan would only apply to landlords with over 50 units in their portfolio, who account for roughly half of the rental market. The cap wouldn't apply to units that haven't been built.

“The policy is a bridge to rents stabilizing as President Biden’s plan to build more takes hold,” Brainard said.

Biden will seek an investment of more than $258 billion in the 2025 budget to build or preserve more than 2 million housing units to lower rents and make housing more affordable.