The Biden-Harris administration’s nationwide rent-cap proposal to limit annual rent increases to 5 percent for large landlords regardless of their expenses or inflation will exacerbate the shortage of available housing units and disincentivize new housing construction. Rent control in New York, San Francisco and other cities reduced investment in rental properties, led to fewer units being available at all price levels and drove more Americans into homelessness. A nationwide cap on rent increases would replicate these terrible results on a vastly larger scale. The Biden-Harris plan would eliminate depreciation write-offs for landlords with at least 50 rental units unless they ag
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