This renewal proposal does not include the 10% maximum year over year increase in registration fees found in previous registry agreements. This
limit should remain in effect. Inflation of the US dollar has been substantially less than 10% for 38 years and it is extremely unlikely for it to increase above 10% in any circumstance other than economic collapse. It would therefore be impossible to classify a price increase >10% as anything other than pure rent-seeking.

ICANN is ultimately accountable to the Internet community and has a moral obligation to place that community above domain registrars. ICANN is therefore duty-bound to oppose rent-seeking by the domain registrars. This is absolutely critical to protect the creativity and innovation that the Internet contributes to our modern society. 

This comes off as another case of bureaucracy bowing down to companies money-grabbing just because they can.  After the disaster of the FCC trying to remove net neutrality to allow abuse by ISPs, and the backlash within the internet community, it seems irrational and irresponsible to allow (independent) website owners to be abused in this new way.  Making the internet more and more inhospitable to the people who make the internet the great place it is, will only ultimately drive people away from it. And while it holds a fairly monopolizing power in the digital age, there is no guarantee that something better will be created to replace the current system and drive despots out of business.