Biden unveils plan to provide $10,000 tax credit for homebuyers

US President Joe Biden unveiled a plan to lower costs by providing a $10,000 tax credit for first-time homebuyers and people who sell their starter homes.

The plan also includes to build and renovate more than 2 million homes and lower rental costs, Biden announced Thursday.

"For many Americans, owning a home is the cornerstone of raising a family, building wealth, and joining the middle class," the White House said in a statement. "Too many working families feel locked out of homeownership and are unable to compete with investors for a limited supply of affordable for-sale homes."

The move includes providing relief credit for mortgages, down payment assistance for first-generation homeowners, lowering closing costs for refinancing and home mortgages, tax credits to build more housing, innovation fund for housing expansion and increasing banks' contributions towards building affordable housing.

For renters, the plan includes lowering costs, fighting rent gouging by corporate landlords, cracking down on rental junk fees and expanding housing choice vouchers.