Giving the Minneapolis City Council More Power is the wrong solution to the City's Housing Shortage.
When Has a Signed Blank Check EVER Been a Good Idea?
Don’t Give the City Council Unchecked Power to Set Rents on Private Residential Property
On the upcoming November 2 ballot, Question 3 will ask you to give new powers to the Minneapolis City Council so that they can regulate rents on private residential property. It’s a vague measure that gives the City Council too much control over housing costs.
It’s a blank check with:
No estimates as to how much a rent control program will cost. What are the startup and long-term expenses? The tax revenue implications? Voters need to know.
No plan in place to enforce rent control once it’s set. Will a new bureaucracy be needed to police rent control? Will the costs of enforcement take away funding from other city projects and services? They aren’t telling us.
We Need a Solution That Will Make the Housing Problem Better, Not Worse.
The lack of affordable housing in Minneapolis is a serious problem. But City Question 3 would make the problem worse by giving the City Council new powers to regulate rents on private residential property and create rent controls.
Experts have shown that rent control results in less housing, not more. Rent control makes it harder for property owners to turn a profit. Investors won’t build new housing, and existing rentals are sold to expensive condominium developers.
Quality of life declines for renters under rent control. When property owners aren’t able to fund repairs and improvements, rental properties get worse, resulting in lower quality housing for renters.
Direct renter assistance is a better way to help people than artificial price controls. But over 80% of Minnesota’s COVID rent relief hasn't been distributed yet. You just can’t trust the City Council when it comes to private housing costs.