Advocates are calling on President Joe Biden to sign an executive order that would tie yearly rent increases to inflation. This comes after the Federal Reserve further increased interest rates last week.
Brooks-Davis and Gadley joined hundreds of other tenant rights advocates in Washington, D.C. this week to urge President Biden to sign their draft executive order that would force landlords, particularly corporations and private equity firms, to hold the line on rent increases. The proposal would cap annual rent increases at 3% or 1.5 times the rate of inflation, whichever is lower, and also apply the rule to government-backed mortgages.
“We’re challenging them on every level,” Gadley said.
The White House met with members from the Homes Guarantee Campaign Monday on tenant protections and rental affordability issues.
“Renters deserve access to safe and affordable homes that allow them to remain stable,” Bush said. “It’s not enough just to have housing. You need to have stable housing. You need to not worry about tomorrow.”