November 15, 2021 |
Updated November 15, 2021
The Wall Street Journal Editorial Board has condemned the recent passing of rent control in St. Paul, Minn.
Voters in St. Paul, Minn., passed a rent control ballot initiative in early November with 53% of voters in favor of the 3% cap increase per year. The Wall Street Journal Editorial Board has condemned the rent control approval in St. Paul in its article, “Rent Control Backfires Again in St. Paul.”
The Editorial Board cites the St. Paul Pioneer Press, which reported developers are pulling out of projects, while another lost an investor.
“If a city’s housing supply can’t grow to meet demand, the natural result is that prices go up,” states the Editorial Board. “Artificial caps then produce shortages and other distortions, such as dilapidated properties that landlords don’t have an incentive to renovate.”
Click here for more on the recent passing of rent regulation in Minneapolis and St. Paul and how NAA continues to aggressively oppose all forms of rent control through its robust grassroots and advocacy endeavors.