Here's what tenants need to know about Biden's plan to cap rent hikes for some affordable housing units

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The Biden administration moved this week to limit how much rent can rise in certain affordable housing units across the country. While some housing experts criticized the move, tenant advocates said the new rule, which will cap rent increases at 10%, will help people to stay in their homes. "The rent is still too damn high, but this cap will provide stability to more than a million tenants," said Tara Raghuveer, the director of the National Tenant Union Federation. More from Personal Finance: Top colleges expand financial aid awards to eliminate student loans What you need to know about Social Security's new overpayment policies What car shoppers need to know However, Mortgage Bankers Association President and CEO Bob Broeksmit said capping rent increases would only worsen the housing-affordability crisis. "Rent control has consistently proven to be a failed policy that discourages new construction, distorts market pricing, and leads to a degradation of the quality of rental housing — the exact opposite of what is currently needed in markets throughout the country," Broeksmit said. Here's what renters should know about the new protection, which was announced on April 1 and is now in effect.