What are the details of the rent stabilization policy under consideration?
The City has contracted with the University of Minnesota Humphrey School’s Center on Urban and Regional Affairs (CURA) to help answer detailed policy questions using rental market data, policy review and interviews with local landlords. They will report back to the Council in February 2021, and that report can help define the rent stabilization policy that this Charter amendment would make possible to enact after the passage of this Charter amendment. In other jurisdictions, governments set a maximum percentage annual rent increase above the Consumer Price Index (or CPI, the accepted measure on inflation). For example, California has adopted an annual rent increase cap of CPI plus 5%, while Oregon has adopted CPI plus 7%.
Other considerations include whether to exempt any rental properties from the rent stabilization ordinance or not, based on the age or size of the building.