In 2020, St Paul, MN passed a bill to cap rent increases at 3% annually, with some additional stipulations (like giving adequate notice so families can find new housing before rent increases). There was a huge misinformation campaign led by wealthy national development corporations calling the bill "rent control," which is a different thing. Once the bill passed, most of the new housing construction came to a halt as development companies divested from the Twin Cities.
It felt like a whole commentary on what is driving this crisis, even when politicians deliver on their end.
Thanks so much for this comment. I'm glad there was work done there. This is definitely a step. I am also thinking about how there needs to be more national regulations. For instance, the interest rates, as a pathway to home ownership, are currently sitting at 7%, which makes it harder for people to access a home. Additionally, a 3% increase per year (like in the city mentioned) can be very harmful to some people and, even with adequate notice, can cause a pathway into homelessness. Thank you so much for thinking with me.
Yes, it was literally just a baby-step solution (to stop landlords from increasing rent by 5-15% percent, as happens too often). And they've already made pathways to get out of it just to attract builders. There are so many barriers to even the smallest bit of progress.
In 2020, St Paul, MN passed a bill to cap rent increases at 3% annually, with some additional stipulations (like giving adequate notice so families can find new housing before rent increases). There was a huge misinformation campaign led by wealthy national development corporations calling the bill "rent control," which is a different thing. Once the bill passed, most of the new housing construction came to a halt as development companies divested from the Twin Cities.
It felt like a whole commentary on what is driving this crisis, even when politicians deliver on their end.
Thanks so much for this comment. I'm glad there was work done there. This is definitely a step. I am also thinking about how there needs to be more national regulations. For instance, the interest rates, as a pathway to home ownership, are currently sitting at 7%, which makes it harder for people to access a home. Additionally, a 3% increase per year (like in the city mentioned) can be very harmful to some people and, even with adequate notice, can cause a pathway into homelessness. Thank you so much for thinking with me.
Yes, it was literally just a baby-step solution (to stop landlords from increasing rent by 5-15% percent, as happens too often). And they've already made pathways to get out of it just to attract builders. There are so many barriers to even the smallest bit of progress.