If one needed any more proof that rent control laws suppress investment in new housing, then it is not necessary to look any further than this recent survey from the National Apartment Association. They found that “Over 70% of housing providers say rent control impacts their investment and development plans; actions include reducing investments, shifting plans to other markets, and canceling plans altogether.”Read More
Tag: rent control
St. Paul Mayor Melvin Carter Establishes ‘Rent Stabilization Stakeholder Group’
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.Read More
Developers Pause, Pull Out After St. Paul Passes Rent Control
Earlier this month, St. Paul voters chose 53%-47% to impose a 3% cap on rent increases per year. Despite the rule not activating until May 22, developers already are pausing and pulling out of projects.
The cap is strict: it doesn’t account for inflation, small or large landlords, new or old buildings, “regardless of change of occupancy.” The goal is to obtain stable, affordable housing prices, but there are also wide-reaching unintended consequences.
Pre-election, Mayor Melvin Carter said he supported the initiative.Read More
Twin Cities Landlords Ask Voters to Oppose Rent Control on November Ballot
Twin Cities landlords are asking voters to oppose rent control on the November ballots. The landlords say that rent controls would create more issues within an already struggling housing market.Read More