Pioneer Press column by Steve Minn
Pioneer Press reporter Frederick Melo recently explored the robust housing development in St. Paul, questioning if too much luxury housing would raise rents for the working poor (“How will luxury housing boom affect metro rents?” Feb. 11). If policymakers are willing to embrace market forces, the affordable housing supply problem can be solved.
The solution for our metro core is to increase supply with incentives that embrace what investors want — yield. Our educated workforce and high metro median income are attractive to investors chasing yield. The most important driver to our development landscape is the ready stock of multi-family housing desperately in need of reinvestment. Unfortunately, this reinvestment has come at the loss of existing affordable housing.
Read Steve’s full column here.