Rent control

How St. Paul's Rent Control Experiment Backfired Spectacularly

Construction of new housing collapsed in the Minnesota city as builders took their business elsewhere.

John Stossel | 9.2.2026 6:11 PM

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In 2022, politicians in Minneapolis and St. Paul, Minnesota, voted for rent control.

I said that would lead to bigger problems.

Was I right?

My update video reveals what happened.

St. Paul politicians pushed rent control, saying rent caps would stop "unfair profiteering."

But what the heck is "profiteering," and how is it different from "profit"? Who decides what is "unfair"?

The opportunity for profit is what persuades people to invest in things. And build things. If enough people invest in new housing, rents will stop shooting up.

That's just how markets work.

It's why studies show that rent control reduces the supply of housing and gradually raises prices.

But activists don't pay attention to those.

"We don't need more studies," says........

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