On Wednesday, the White House released a Blueprint for a Renters Bill of Rights that lists a wide range of actions federal agencies are taking or considering to "strengthen tenant protections and encourage rental affordability."

The most eye-catching proposal is an announcement that the Federal Housing Finance Agency (FHFA)—the independent regulator and conservator of Freddie Mac and Fannie Mae—would explore ways it could "limit egregious rent increases" going forward at properties with a Fannie- or Freddie-backed mortgage.

President Biden has promised to create a "renters bill of rights" of federal tenant protection since his campaign trail. He has been pressured by congressional Democrats and affordable housing advocates to use his executive powers to more strictly regulate "corporate landlords" and their ability to charge market prices for housing.

Both have suggested in letters to the White House that the FHFA use its powers to cap rent increases at properties with a Freddie- or Fannie-backed mortgage.

Wednesday's announcement doesn't commit the Biden administration or the FHFA to actually enacting rent control. But it does say that the independent agency will "launch a process" to consider it.

Former housing regulators and housing industry stakeholders have criticized the idea for being both counterproductive and likely illegal.

The blueprint released by the White House suggests imposing limits on "egregious" rent increases on future loans only.  The FHFA only enforcing rent caps on new loans would remove one legal obstacle. But the policy would still have to be reconciled with the agency's statutory mission to minimize Fannie and Freddie's losses, because the rent control rule would face extreme internal resistance from the FHFA, Fannie, and Freddie.

 In addition to the rent control, the White House's blueprint also directs federal agencies to explore stricter regulation of tenant background checks, put more limits on evictions at public housing, restrict landlords' ability to reject federal housing vouchers, and guarantee military housing tenants' right to organize tenant unions.