St. Paul Mayor Melvin Carter has established a “Rent Stabilization Stakeholder Group” to “identify considerations on improving and enhancing rent stabilization in Saint Paul.”
According to the mayor’s office, the new group is composed of 41 individuals from different careers and backgrounds. They will work together to produce a report by the end of the summer.
In coordination with University of Minnesota’s Center for Urban & Regional Affairs, the committee will meet virtually each month from February to May.
The group is connected to a new provision passed by voters to limit the ability of landlords to raise the price of monthly rent by more than 3 percent in one year.
“Saint Paul voters overwhelmingly voiced their support for rent stabilization in November,” said Mayor Carter. “I believe in our ability to meet this housing crisis with thoughtful policy that drives our goals for both equity and growth.”
The measure, approved by voters of the city by a 53-47 percent margin, does not include many key aspects, including inflation and new or old buildings.
Notably, one member of the rent stabilization group is Tony Barranco, an executive with Ryan Companies. The developer has been directly impacted by the new order.
Previously, KARE reported that Ryan Companies, like other businesses, pulled applications for three buildings in its proposed 3,800-unit Highland Bridge project.
“The City and Ryan took great care in creating a finance plan that leveraged market rate developments to provide funding to support deeply affordable housing creation both at Highland Bridge and throughout Saint Paul,” a company executive told KARE 11. “The rent control policy threatens the funding sources for market rate projects and therefore the overall finance plan for the development.”
In response, the mayor asked the council to clarify the new order, exempting new constructions.
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Cooper Moran is a reporter for The Minnesota Sun and The Star News Network. Email tips to [email protected].
Photo “Melvin Carter” by Mayor Melvin Carter. Background Photo “Seventh Place, St. Paul, Minnesota” by Ken Lund. CC BY-SA 2.0.
