President Joe Biden announced a new initiative on Tuesday to lower housing costs across America during a campaign visit to the key swing state of Nevada.
Local officials in the Silver State have identified more than 560 acres of public land that could be used for housing, the White House said. The President's new actions will limit rent increases and build more affordable homes.
Under his new actions, President Biden will call on Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax breaks.
The plan will see the sustainable repurposing of public lands to enable as many as 15,000 additional affordable housing units to be built in Nevada. That includes renovating existing housing in need of repair as well as building more affordable housing while revitalizing neighborhoods, including in Las Vegas.
“The policy is a bridge to rents stabilizing as President Biden’s plan to build more takes hold,” the White House said in a fact sheet released to the press.
“The President believes that this combination of anti-gouging policies and historic levels of support to build more affordable housing effectively balances the needs of tenants without limiting incentives for more supply.”
But the plan isn't exclusive to Nevada. Grants to build homes across the country will also be granted under the President's new actions.
The news is just another addition to Biden's "Build Back Better" plan, along with his other historic achievements in growing the American economy from the depths of a pandemic depression.
Vice President Kamala Harris is also out on the campaign trail this week, with planned returns to Michigan and North Carolina.
The Biden-Harris campaign is also resuming its advertising later this week now that Donald Trump is back to campaigning as well.