© Reuters. FILE PHOTO: The Manhattan skyline is pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. REUTERS/Mike Segar/File PhotoWASHINGTON - U.S. President Joe Biden's administration will soon announce a 10% cap on yearly rent increases for certain affordable housing units that are subsidized by the federal government, a senior administration official said on Friday.
With worries about high rents and mortgage interest rates contributing to voters' sour views about the economy, Biden, a Democrat, will aim to tout his administration's latest proposals to make housing more affordable as he campaigns for re-election against Republican former President Donald Trump. The White House has also called on Congress to support investments to lower housing costs. Congress is unlikely to pass major legislation in an election year, but the president's discussion of the topic reflects awareness of the impact it could have on his re-election hopes.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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