Failing bigly.
A Swedish economist once remarked that rent control “appears to be the most efficient technique presently known to destroy a city—except for bombing.”
“Less than 24 hours after St. Paul voters approved one of the country's most stringent rent control policies, Nicolle Goodman's phone started to ring,” the Star-Tribune reports. “Developers were calling to tell the city's director of planning and economic development they were placing projects on hold, putting hundreds of new housing units at risk.”
“We, like everybody else, are re-evaluating what — if any — future business activity we'll be doing in St. Paul," major developer Jim Stolpestad told the newspaper.
Another major developer, Ryan Cos, hasalready pulled plans for 3 new buildings, according to the Pioneer Press.
A Swedish economist once remarked that rent control “appears to be the most efficient technique presently known to destroy a city—except for bombing.”
“Less than 24 hours after St. Paul voters approved one of the country's most stringent rent control policies, Nicolle Goodman's phone started to ring,” the Star-Tribune reports. “Developers were calling to tell the city's director of planning and economic development they were placing projects on hold, putting hundreds of new housing units at risk.”
“We, like everybody else, are re-evaluating what — if any — future business activity we'll be doing in St. Paul," major developer Jim Stolpestad told the newspaper.
Another major developer, Ryan Cos, hasalready pulled plans for 3 new buildings, according to the Pioneer Press.
St. Paul Just Implemented the Nation’s Strictest Rent Control Law. It’s Already Backfiring Tremendously | Brad Polumbo
“Less than 24 hours after St. Paul voters approved one of the country's most stringent rent control policies, Nicolle Goodman's phone started to ring,” the Star-Tribune reports. “Developers were calling to tell the city's director of planning and economic development they were placing projects...
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