September 27, 2022 |
Updated September 27, 2022
The City Council approved the changes 5-2, resulting in two major adjustments.
The City Council in St. Paul, Minn., approved changes to the city’s rent control that took effect in May after voters approved rent stabilization 53-47 percent in November 2021.
“This ordinance protects renters while helping construct the new housing units we need for the future,” said St. Paul Mayor Melvin Carter in a statement, according to the Pioneer Press.
The recent economic impacts of the rent control measure alerted City Council members to vote on the amendments. The City Council voted 5-2 last week to approve the changes.
While the yearly rent increase is still limited to 3%, vacancy decontrol will allow an 8% increase on vacant units on top of inflation as measured by the CPI. New construction is also exempt from rent control for 20 years. This includes a 20-year lookback period, which exempts units from the 3% yearly cap.
The Star Tribune Editorial Board has also shown concern for the original bill, as it was written, as well as what is to come soon. “It's important to note that St. Paul city leaders will soon consider a mayoral budget request to increase the property tax levy by 15% next year. That makes it especially unreasonable for rental property owners to be limited to 3% rent increases,” according to the statement from the Editorial Board.
The National Apartment Association (NAA) continues to aggressively oppose all forms of rent control through robust grassroots and advocacy endeavors. Read more about rent control and NAA's work to pursue sustainable solutions instead.
Additional information can be found here:
Rent Control Doesn’t Work - YouTube