President Biden proposes national rent hike cap

The White House has introduced a plan to make housing more affordable and control rising rents. The proposal includes a requirement for landlords with over 50 rental units to limit annual rent increases to 5% or less, or they risk losing tax incentives. This plan needs to be approved by Congress to be implemented.

What consequence do landlords face if they do not comply with the proposed rent cap?

Who needs to approve the plan for it to be implemented?