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St. Paul’s Rent-Control Backfire – WSJ

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#Pauls #RentControl #Backfire #WSJ

Reasonably priced housing might be constructed, however it could’t be mandated into existence. That’s the lesson from St. Paul, the place a brand new rent-control ordinance has discouraged the development of much-needed reasonably priced residences.

Final November 53% of St. Paul residents voted for a poll measure to cap hire will increase at 3% a yr. The brand new ordinance took impact in Could, and it makes no exceptions for brand new development.