The Biden administration’s new plan for national rent control has sparked controversy, with billionaire real estate mogul Jeff Greene criticizing it as “completely ridiculous” and warning of negative consequences for the housing market. The plan would penalize corporate landlords who raise rents by more than 5% each year, potentially impacting over 20 million rental units in the country.

Greene, who has extensive experience in real estate investments and firsthand experience with rent control, argues that such measures hinder new building development and fair pricing. Drawing on his past experience with rent control in Massachusetts, Greene highlights the negative impact on property maintenance and development, advocating for policies that promote supply and affordability in the housing market.

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