White House new plan to fight high cost of rent
WASHINGTON - The White House announced a new plan to fight the high cost of rent. That move comes as tenants from small towns to major cities struggle to make their monthly payments.
While prices have crept down in recent months, a report by Moody's found the average renter is spending 30% or more of their income on rent- that's an all-time high.
The Biden administration, aiming to provide relief, announced a plan for a non-binding "Renters Bill of Rights." It includes actions like asking the Federal Trade Commission and Consumer Financial Protection Bureau to investigate unfair rental practices.
The Justice Department will examine anti-competitive information-sharing in rental markets, and the Department of Housing and Urban Development will look at a rule requiring public housing authorities to give tenants 30 days' notice before terminating a lease due to non-payment of rent.
"It's great to have the White House speak out about the importance of tenants' rights," says Shamus Roller, Executive Director of the National Housing Law Project, an advocacy group fighting on behalf of tenants.
He called the proposal a good beginning but said, "Nothing that they proposed will lower rents overnight. Some of these things will have an impact over time."
Making the problem worse, many federal and state protections against evictions - put in place during the pandemic - are expiring.
Many tenants say if action isn't taken, they could be near the breaking point of losing their homes.
