Rent Control in St. Paul Minnesota was just voted into law November 4, 2021, but already the consequences are being felt. No surprise, developers are pulling apartment projects off the table. It looks like one development is officially out and another is in jeopardy, having just lost an investor.
In other words, the rent control measure that was intended to deliver a lower cost of housing will have to achieve this goal without the benefit of additional housing supply. In the meantime, economic activity and the jobs that would have gone with them are also lost.
All of this was as predictable as the sunrise. Congratulations to St. Paul on your housing shortages and declining housing stock.