President Joe Biden is set to make a visit to the battleground state of Nevada to address the issue of high rents, which the White House believes are being artificially inflated by corporate landlords. This move is part of Biden’s strategy to shift the blame for the rising cost of living away from his administration and onto powerful corporations with pricing authority.
While overall inflation rates have shown signs of improvement, the cost of housing continues to be a significant concern for many Americans. The most recent consumer price index highlighted that rising energy and shelter costs were major contributors to the increase in consumer prices for the month of February. In a recent survey, respondents identified housing as the second-most critical economic issue, closely following general inflation.
With housing costs becoming a pressing issue, President Biden is intensifying his efforts to combat what he refers to as “rent gouging” by corporate landlords. During his visit to Nevada, Biden will emphasize the housing provisions outlined in his 2025 budget proposal, denounce the unfair practices of corporate landlords, and urge Congress to pass legislation aimed at reducing housing expenses.
In a recent move, the National Association of Realtors reached a $418 million settlement to resolve antitrust lawsuits filed by home sellers, who alleged that the commission structure within the industry fostered collusion between the association and its member brokerages. While the National Association of Realtors denied any wrongdoing, the settlement was deemed a significant step in fostering competition within the housing market.
President Biden’s efforts to curb corporate power extend beyond the housing sector. The Federal Trade Commission and the Department of Justice under the Biden administration have been actively challenging large mergers in court, as part of a broader initiative to combat anticompetitive practices. Biden’s mission to establish a fair and competitive marketplace has become a cornerstone of his economic platform.
On the campaign trail, President Biden has sought to convince voters that massive corporations bear more responsibility for the financial struggles of average Americans than his policies do. Recent polls suggest that Biden’s messaging may be resonating with the public, as the share of respondents attributing price increases to corporate exploitation of inflation increased significantly.
President Biden’s visit to Nevada to address the issue of high rents and corporate landlord practices underscores his commitment to tackling rising housing costs. By challenging corporate influence and advocating for legislation to reduce housing expenses, Biden is positioning himself as a champion of the average American in the realm of economic policy.