St. Paul Just Implemented the Nation’s Strictest Rent Control Law. It’s Already Backfiring Tremendously

Source: Foundation for Economic Education
by Brad Polumbo

“A Swedish economist once remarked that rent control ‘appears to be the most efficient technique presently known to destroy a city—except for bombing.’ Unfortunately, we may soon see the destructive consequences of laws limiting rent increases running rampant in St. Paul, Minnesota. … ‘Less than 24 hours after St. Paul voters approved one of the country’s most stringent rent control policies, Nicolle Goodman’s phone started to ring,’ the Star-Tribune reports. ‘Developers were calling to tell the city’s director of planning and economic development they were placing projects on hold, putting hundreds of new housing units at risk.’ … Another major developer, Ryan Cos, has already pulled plans for 3 new buildings, according to the Pioneer Press.” (11/16/21)