ECONOMIC WRECKING BALL: Biden’s $55 Rent Control???

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So President Joe Biden pulled out his angry old man yelling at cloud routine yesterday like Abe Simpson and went off at Iran at the NAACP conference. I had started screaming at some points, but one of the funnier moments was, well, I guess really not that funny if you actually think about it. He was talking about his brand new plan.

to control rents. And he had trouble, I guess, with the teleprompter because he promised the crowd at the NAACP convention that nobody’s rent could ever be raised more than $55. Again, he doesn’t even know what his administration is doing, honestly. $55, that’s all your rent could be raised. No, they came up with a plan

They want to limit cap rent increases at 5 % a year. That’s what they’re doing. Nationwide rent control. We’ve got problems right now because we’ve got higher mortgage rates, home costs, there’s a myriad of things, inflation, building costs, driven prices up, insurance costs, a myriad of things, and many people have gone.

to find rentals. Rentals have gone up. One of the reasons why we have so many problems when it comes to housing here in the United States is government regulations. I mean, we see it now. You think it’s easy to change zoning requirements, go from commercial to residential? You that that’s a piece of cake? No way. No how. It is a long, dragged out process.

with tons and tons of regulations and permits that you gotta get and the bureaucracy that makes it that much more expensive. Capping rental increases at 5 % annually. He says this is only going to apply to corporate landlords with more than 50 units. Again, anybody believes that it’s gonna stay there is crazy.

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They say that they are going to give faster depreciation write -offs to these landlords, kind of like, here you go, we’ll give you this, but you can’t raise your rent by any more than that. I don’t know what it is with these lefties when it comes to the free market. I really don’t. If you get the hell out of the way, you stop subsidizing certain markets, certain industries,

You stop messing around with the tax code to favor certain groups. Guess what? Things will work its way out. Again, we’ve got rent control. You know what they got? They got rent control. Rent stabilized in New York City. Average one bedroom apartment is $4 ,300 a month. How’s that working out for you? Watchdog on wallstreet .com.