Washington, DC CNN —In response to rent payments soaring across the country in recent years, the Biden administration unveiled new actions Wednesday to protect tenants, make renting more affordable and improve fairness in the rental housing market.
The agencies involved include the Federal Trade Commission, the Consumer Financial Protection Bureau, the Federal Housing Finance Agency, the Department of Housing and Urban Development and the Department of Justice.
The FHFA will initiate a process to examine limits on egregious rent increases and proposals for renter protections for future investments.
The administration also set out its guiding principles in its “Blueprint for a Renters Bill of Rights,” which, while not enforceable, aims to underscore protections the administration says every renter deserves.
Meanwhile, others in the housing industry say that this kind of federal involvement in housing policy serves to increase housing costs.