The Biden administration released the "renters' bill of rights" as rent prices soar.

The Biden administration released the 'renters bill of rights' as rent prices soar.

Today Explained: White House Releases Blueprint for Renters' Rights as Prices Soar

it's time now for today explained, rent is too high and rising too fast. It's another White House is getting involved. The biden administration just released what it's calling a blueprint for renters bill of rights. Now, the federal agencies that help finance housing in the US, they'll all be looking into how they can protect people from egregious rent hikes. And we're talking about the Federal Housing Finance Agency and mortgage powerhouses, Fannie Mae and Freddie Mac. These agencies are a key part of whatever comes from this blueprint because they can put conditions on financing. The Federal Trade Commission is also considering how to boost its authority to fight practices that quote unfairly prevent consumers from obtaining and retaining housing possible. Protections would include increasing access to safe quality and accessible and affordable housing, mandating clear and fair leases and helping renters avoid eviction. And for its part, the U. S. Department of Housing and Urban Development wants to require landlords to give you at least 30 days notice if they're going to terminate your lease for non payment. It'll also earmarked $20 million to fund nonprofits and government agencies that help low income renters fight eviction. This is significant because more than one in three people in the US rent their homes. That's about 44 million House Holds according to the White House and according to the Urban Institute, more than 28% of rental housing in the us is federally financed. So if the government does take action, it could affect millions of people, but this is only a blueprint, not an actual plan and it may only affect rental housing with some form of public financing.