Biden to call for 5% cap on annual rent increases, as he tries to show plans to tame inflation

President Joe Biden is ready to propose a 5% cap on annual rent increases for tenants of major landlords. That's according to a person familiar with the plan who insisted on anonymity to discuss the upcoming announcement. Biden is expected to unveil the plan during a visit to Nevada on Tuesday. The proposal being championed by Biden is an effort to show voters that he is working to constrain housing costs. But the plan would require solid Democratic control of Congress to become law. Additionally, most policymakers say the best way to limit housing costs would be through more construction.