President Joe Biden has announced a set of new actions to lower housing costs, and to make renting more affordable for millions of Americans.
Biden has called on Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5 percent or risk losing current valuable federal tax breaks.
The President called on Congress to pass the Biden-Harris Housing Plan, which would build 2 million homes, and provide $10,000 in mortgage relief to unlock home-ownership for millions of Americans. Already, more units are under construction than at any time in over 50 years, and the rate of new housing starts is up 17 percent compared to the last Administration, the White House said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.