Proposed Rent Increase Limit of 5%/Yr Nationally?! Seriously?

[Jeff G.]

Apparently the White House is pushing for national rent control. Landlords with 50 units or more would be limited to a maximum of 5% annual rent increases.

The linked "fact sheet" is, well, oddly light on facts. 

For starters, it fails to specify which "valuable tax breaks" would be rescinded for raising rents according to the dictates of the free market instead of ignoring it in favor of an arbitrary limitation. Taking away write-offs for standard business expenses wouldn't make sense. The only thing I can think of is getting rid of the depreciation rule, but that's just an educated guess on my part. I could be wrong. I'm curious if anyone else here has a different take.

Second, I don't see links to draft legislation. Is there draft legislation for this that I just happened to miss?

How seriously should we as landlords take this push? How likely is something like this to pass?

Discuss.