Biden’s 5% cap on apartment rents: Washington’s latest economic folly
Recently, the Biden administration introduced plans to limit increases in apartment rents to 5% annually. Far from a straightforward cap, this plan contains various nuances, which I will explain below. Nevertheless, the basic fraud on display here is twofold.
First, the state continues to ignore private property rights while manipulating markets with price controls – an attempt to commandeer the market’s fundamental role of price discovery and place it in the hands of bureaucrats.