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Treating the symptom.
Okay I guess. I'll get excited when I see a plan to treat the disease.

Cool, my rent is still 70% of what I make in a month. It's almost like it's already too late, but I'm too poor and uneducated to be an expert. Got any other ideas?

5% is crazy talk when workers wages are going up 2.5% per year. Landlords need at least 20% more every year.

Man this entire thread is just a perfect encapsulation of the perfect being the enemy of the good. What a bunch of useless chuds.

we have several lifetimes worth of policies to change to fix the mess we are in. this is exactly what Biden should be doing, passing policy after policy in the next few months that have obvious positive results for the common voter. he's not gonna run out of stuff to do if he's re-elected, so he needs to stop holding onto this shit like it's his last wild card of all time.

Woah, an actual campaign promise? Maybe the Dems do want to look like they're trying after all.

Where I live we've had a 4% cap for a long time. It just means tenants get evicted to increase the price. It's illegal, but the procedure to after landlords cheating the system is so grueling and adversarial, it puts justice beyond the reach of many victims. I can only imagine this being even worse in the US.

That’s great!!!

Need to stop corporations buying houses next, and tamper foreigners buying up houses too (almost every country I’ve traveled to won’t let me buy so why not do the same?)

A sensible, too-little-too-late rule, probably full of carveouts and exceptions, that I nonetheless feel really relieved to see. Delayed and watery regulation is better than none, I suppose.

As if it would ever last the captured supreme court.

3 years of absurd rent prices and we are just now seeing legislation, wonder why......

Let's build a million new homes and sell them to people that don't currently own any homes.

In my province the cap for increase was usually around 1.5 - 2% for existing tenants/renewing lease.

The conservative gov went ahead and fucked everything up and said this doesn't apply to anything built after 2005, or new builds - that means any new anything in an existing building.

New basement rooms? No cap. (No cap) But, if the basement had rooms 35 years ago, and you 'build' "new" rooms, it isn't new and falls under the older more tenant friendly laws.

However, between tenants, a landlord can do whatever the fuck they want to prices.

Shitty rooms went from 375 to 700 I'm 5 years.

I suppose he has to do something to signal to voters that he's going to try to fix the housing affordability crisis, but this is pretty meaningless. But, what can he say? The truth? That the housing crisis is an extremely complex problem that will take decades to fix? Probably not going to go over very well.

Hasn't rent control been shown to be ineffective at making everyone play nice? I feel like it's much more effective to put your finger on the supply/demand balance by subsidizing the supply side.

And not by just giving handouts to corporate landlords, either.

I'm sure this comes with a guaranteed 5% increase to minimum wages at the same time right? ... right? Any amount of minimum wage increase from the last increase 15 years ago?

Prices are already jacked up to an insane level compared to wages, the horse is already out of the barn: This is not going to fix the problem renters face.

Timely.

That’s still way higher than anyone’s raises each year…

That translates into rents doubling in less than 15 years

Cool, but also cap property tax increases as well. Mine have increased over 10% for the last 3 years.