As the nation faces a housing affordability crisis, Vice Presidential candidate and Minnesota Governor Tim Walz highlighted Minneapolis as a success story during a recent debate. Walz mentioned that Minneapolis saw a 12% increase in its housing stock, leading to a 4% decrease in rents. However, a Pew Charitable Trusts report revealed that while Minneapolis did experience a 12% growth in housing stock from 2017 to 2022, rents only decreased by 1% during that period.
Comparatively, the rest of Minnesota added 4% to its housing stock, but rents rose by 14%. The significant rise in Minneapolis' housing stock was attributed to zoning policy changes that aimed to promote the development of multi-family units in areas previously designated for single-family homes.
