President Joe Biden is ready to propose a 5% cap on annual rent increases for tenants of major landlords as he tries to show he's doing something about the high cost of housing, according to a person familiar with the plan.

The proposal, to be announced while the president visits Nevada on Tuesday, is being championed by Biden in the middle of a tense presidential campaign and a time when housing costs have been a major driver of overall inflation.

But the plan would require solid Democratic control of Congress to become law. Additionally, most policymakers have said the best way to limit housing costs would be through more construction and changes to land use regulations.

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