Twin Cities of Minneapolis and Saint Paul are SAVED

[Bill B.]

Well, Minneapolis and Saint Paul decided last night that 99% of Nobel winning economists just don’t know economics as well as they do and decided to adopt rent control and save the cities. 

A 3% maximum rent increase every 12 months. That should really help spur new rental inventory. I mean unless insurance or property taxes or inflation go up more than 3%. Then it could go sideways. 

[Bruce Runn]

@Bill B.

St. Paul is the only city that passed a predetermined set of rules limiting rent increases to 3%, no vacancy decontrol, and no exemptions for new construction.  

Minneapolis passed a charter amendment to allow the city council to analyze and put something together if they determine they should act.  Those are two very different things.