President Biden has proposed two legislative changes, neither of which has any chance of passing into law. Both are bids to increase his support, which is circling the drain.
On Tuesday, the President proposed nationwide rent control, which would cap rent increases at 5%, leaving landlords with the burden of increased costs of property maintenance, insurance costs and property tax increases. Economist Peter St. Onge says that “price controls are one of the most destructive phenomena in economics, well known for centuries to cause shortages and make products crappy.” Meaning tenants would live in crappier homes if landlords had to lose money to maintain them.
This proposal would never pass Congress. It’s just, as the Wall Street Journal says, “another classic White House policy contradiction: Subsidize housing, then discourage its development.”
The President also plans to propose term limits and an enforceable ethics code for U.S. Supreme Court justices. Many Americans support this but it is still a long shot given that it would require a constitutional amendment or congressional action. Also, given that ethics laws don’t apply to the Bidens, do we want these ethics to come from this President?
