It never helps the poor!-----St. Paul's Rent-Control Law Rife With Unintended Consequences

St. Paul's Rent-Control Law Rife With Unintended Consequences
"The preliminary results of St. Paul, Minnesota’s, strictest-in-the-nation rent control law have not been good. 

• Developers have fled, while 
  
• applications for new building permits and 
• property values have both collapsed. 
  
• Now, a pair of landlords are suing the city, claiming the law is unconstitutional.

Late last week, the owners of two St. Paul apartments—Woodstone Limited Partnership and Lofts at Farmers Market, LLC—filed a lawsuit in the U.S. District Court for the District of Minnesota claiming that the “draconian” nature of the law and the burdensome process for securing exemptions from it amount to a taking of their property without compensation or due process.
“The sudden depreciation in property values, coupled with the withdrawal from the market of many significant developments that would have included affordable housing, is predicted to significantly worsen, rather than alleviate, the affordable housing crisis plaguing St. Paul,” reads their complaint..."