Minneapolis Tames Inflation With Affordable Housing Investments
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Minneapolis has the lowest inflation rate in the country at 1.8%, below the Fed's 2% target, by tackling housing costs which are the largest expense.
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The city eliminated single-family zoning in 2019 to allow more multi-family housing construction and address supply issues.
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Minneapolis has invested $320 million in rental assistance since 2018 to make housing more affordable.
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Rent growth in Minneapolis was only 1% from 2017-2023 compared to 31% nationally due to increased housing supply meeting demand.
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Median rents in Minneapolis take up 40% of median income versus over 50% in more expensive cities like Boston and Chicago.