News reports and editorials are reporting on the chaos caused by the implementation of rent control in St. Paul.
On November 2nd, St. Paul voters approved a ballot initiative limiting rent increases to three percent annually without exemptions for new construction or inflation, making it the strictest rent control ordinance in the nation. City Mayor Melvin Carter III is now considering amending the bill as developers begin to halt construction and investors pull out from projects that were already underway.
Some are arguing that Mayor Carter did not do enough prior to the vote to inform residents of the implications of rent control. Many St. Paul residents are unclear about the specifics of the new ordinance, such as the implementation date and whether or not the bill can still be amended.
Las Vegas Review-Journal: Rent control backfires in St. Paul [Editorial] Historical evidence demonstrates that rent control fails to address the root cause of housing affordability issues. What we're seeing in St. Paul is no different.
National Review: St. Paul Rent-Control Initiative Backfires, Unleashes ‘Chaos’ in Housing Market. Democratic leaders are already seeing the harmful implications of the new ordinance. Now, they're trying to find solutions.
Reason: Developers Halt Projects, Mayor Demands Reform After St. Paul Voters Approve Radical Rent Control Ballot Initiative. St. Paul's rent control bill does not include exemptions for new construction, causing a number of developers to halt projects.
Star Tribune: Rent-control flip adds insult to small landlords' injury. [Opinion] Small property owners are disproportionately impacted by Mayor Carter's decision to support rent control.
Roundup source: Growing Homes Together https://www.growinghomestogether.org
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