You may have noticed recent headlines about several policies being worked on or passed at the City of Minneapolis. Read on for an update about rent stabilization!
Rent Stabilization Group Recommends 3% Policy
Last year, Minneapolis residents voted to allow our City to pass a rent stabilization policy. This spring, the appointed Rent Stabilization Working Group began meeting to develop a formal recommendation for a policy. On December 13, a majority of the group’s members voted to recommend a policy that caps rent increases at 3% and prevents most exemptions. See the final framework (Framework 5) here.
Why It Matters
A rent stabilization policy could impact all Minneapolis renters, who make up the majority of our City’s residents. While most landlords don’t raise rent more than 3% annually, the worst increases disproportionately affect renters of color, per a recent study by CURA.
The Working Group’s recommendations are good news for supporters of rent stabilization, but there’s still a long way to go. The City Council will draft a policy for the 2023 ballot, but they are not obligated to follow the group’s recommendations. And Mayor Frey recently stated he would veto a 3% policy.
Take Action
To signal your support for the proposed policy, email your elected leaders here. For ongoing updates, follow Home to Stay and Minneapolis United for Rent Control. Rent stabilization is likely to be an election issue, so tell City Council candidates what you think later this year.