The Catastrophe of Democrat Rent Control in Minnesota

The left destroys EVERYTHING.

“With three months of data on the books since the passage of the rent control measure in November, results are rather grim for anyone hoping for new apartment buildings in St. Paul,” Lindeke writes. “Compared to the same period during the previous year, multifamily building permits are down over 80 percent. Meanwhile, in Minneapolis overall construction is up as the economy has rebounded.”

As Lindeke explains, even if developers want to continue building in St. Paul, they face stiff headwinds because they can no longer get financing.

The Results of St. Paul’s Rent Control Experiment Are In—and They’re Disastrous

The mayor of St. Paul is desperately seeking to limit the damage of a rent control policy he supported.

BY: FEE, March 18, 2022

In November, FEE Policy Correspondent Brad Polumbo wrote about a new policy in St. Paul, Minnesota which stood to implement the strictest rent control policy in the United States.

“The city just approved a rent control measure that will limit landlords’ ability to increase rents on its 65,000+ rental properties,” wrote Polumbo. “They will not be able to increase prices by more than 3 percent each year under the new law. Controversially, the initiative does not account for inflation and applies to new construction, not just existing properties. This makes the St. Paul rent control measure one of the strictest in the US—if not the world.”

The policy, which does not go into effect until May, was passed with the support of St. Paul Mayor Melvin Carter, a Democrat in his second term. After the policy passed, however, Carter announced he was seeking to exempt new developments, saying the law would cause a housing shortage.

“Turning off our supply of new housing would be disastrous for us as a community,” Carter said in an interview following his successful reelection…..read the rest.

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