This week, the Biden White House declared that it would take action to restrict corporate landlords’ ability to raise rent. Furthermore, the proposal would allow for the development of dwellings on excess federal land, purportedly rebuilding areas destroyed by Joe Biden’s policies and the influx of street troops.
The White House released this statement:
Millions of Americans can now afford to rent thanks to President Biden’s actions. In order to reduce housing costs, President Biden is announcing today the following new initiatives:
- Repurposing public land sustainably to enable the construction of up to 15,000 additional affordable housing units in Nevada.
- Rehabilitating distressed housing, building more affordable housing, and revitalizing neighborhoods, including in Las Vegas, Nevada
- Calling on Congress to accept legislation giving investor landlords a choice to either cap their rent increases on existing homes at 5% or risk losing current federal tax breaks.
- The President urged Congress to enact the Biden-Harris Housing Plan, which would allow millions of Americans to become homeowners by building two million new houses and providing $10,000 in mortgage assistance, in order to help more families realize the American Dream.
- More homes than at any other point in the past 50 years are now under construction, and the rate of new housing starts is 17% higher than it was during the previous administration.
Please allow us to fact-check yet another heinous falsehood from the Biden White House.
Due to rising mortgage rates, single-family house construction in the US dropped to an eight-month low in June, indicating that the housing market was probably a drag on the country’s second-quarter economic growth. At 1.563 million, the number of housing units under construction is at its lowest level since January 2022, a 1.5% decrease. At 668,000 units, the number of single-family homes under construction fell by 1.3%.
Declaring the policy during the GOP convention in Milwaukee served as a ploy to divert attention from the incident and convince jaded Democrats that Biden remains capable, even after they disregarded Barack Obama’s advice to “don’t underestimate Joe’s ability to f*** things up” for four years. Take Biden’s revelation of this swindle, for example.
When considered as a whole, it is an attempt at fraud that will ultimately fail for two reasons. Firstly, Congress will not tolerate this absurdity, given the impending election in which Biden is expected to be the underdog. Unless the firms engaged in a financial deal with the government that included that requirement prior to the proposed law’s enactment, the rent control element of the bill seems to be clearly unconstitutional.
According to the Washington Post, one of the few conclusions reached by mainstream economists is that rent control leads to home destruction.
Author: Scott Dowdy
