Rent control appears to be the most efficient technique presently known to destroy a city—except for bombing. (Swedish economist and socialist Assar Lindbeck)
St. Paul, Minnesota
has passed the strictest rent control measures in the U.S.—if not the world. The new law takes effect May 1, 2022. Perhaps the delay will allow time to consider its unintended consequences.
65,000+ rental units
All St. Paul rental stock is now government-regulated
3% annual cap
on rent increases on all units, new and existing.
1984 state law
rent control mandates can only be passed by referenda by law
81% economists
surveyed oppose rent control due to long-range consequences
renters enjoy
artificially low rents, but ultimately leads to a housing shortage and less affordability
24 hours
after the referendum, developers quickly placed thousands of units on hold
3,800 units
will be lost in St. Paul, including 760 affordable housing units, which are subsidized by market-rate units. St. Paul Mayor Melvin Carter is working to alter the rent control referendum to exempt new development.
