The Biden administration has implemented a new rule limiting rent increases to 10% for certain affordable housing units nationwide. This measure aims to help low-income tenants stay in their homes amidst rising rent costs. The rule applies to units receiving federal funding, and tenants can check with their leases, landlords, or the database to confirm eligibility. If a landlord violates the rule, tenants are advised to contact local legal services providers for assistance.
A recent settlement mandates realtors to disclose and negotiate commission rates upfront. This is intended to prevent hidden fees and ensure transparency in real estate transactions. However, the impact on the local housing market may be limited due to low inventory. Despite these changes, the housing crisis remains a concern, particularly for low and moderate-income individuals. Local policymakers are addressing the issue by increasing affordable housing options and assisting with property rehabilitation.
