Editorial counterpoint: We need federal rent control

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The United States is the wealthiest country in the world; everyone should be guaranteed a safe, sustainable, accessible and truly affordable home. Federal rent control can help make that a reality. Unfortunately, recently the Star Tribune Editorial Board denounced rent control ("National rent control? Careful," Feb. 1) and touted corporate real estate talking points that promote a shortsighted supply-side solution to the rent crisis.

The Editorial Board seems to understand the problem: Rent is too high. It cites new data from Moody's Analytics showing the majority of people are now "rent-burdened," as it takes 30% of the median U.S. income to pay average rent. It even points to a damning ProPublica story showing how corporate landlords conspired together to hike rents during the pandemic. So it's disappointing for the board to not connect the dots, rightfully blame corporate landlords, and recognize that the power imbalance between landlords and tenants is untenable.

In Minneapolis, and nearly every city in America, rent is unaffordable. We organize with tenants around the country, and for all of them — and most people — housing is their single biggest expense. Households with two working adults struggle to make rent while corporate landlords have near-monopolistic price-setting powers.

Tenants understand that we simply cannot rely on the industry to fix this problem or keep following policies supported by its lobbyists and expecting a different result. Most of the housing built in Minneapolis recently has been high-end housing that is completely unaffordable. This kind of "trickle-down housing" is not a real solution to the crisis; rent control is. It's no wonder rent control is more popular and mainstream than ever.

Federal rent control will help regulate the cost of rent, prevent rent-gouging and reduce the amount of income people are forced to spend on housing. It can also prevent further displacement of tenants by greedy landlords.

This industry prioritizes profits over people. For them, housing is another moneymaking vehicle for their shareholders, not a human right or public good. That's why they oppose rent control policies. Why would corporate landlords want to give up the power that allowed them to extort massive profits during the pandemic?

While it's also true that we need to increase our supply and build additional affordable housing units to meet the demand, that alone will not fix this issue. It will take decades to increase the supply. Even with many projects meant to be finished in 2023 and 2024, we will still not have enough housing. Some developers are already delaying projects due to concerns of a recession and the Federal Reserve Board increasing interest rates. Meanwhile, corporate landlords are gleefully making profits while Minnesotans and millions of Americans fight to remain in their homes.

Federal rent control is an essential part of the solution to the rent crisis. Opponents of rent control use the same kinds of arguments that people leveled against popular, effective policies like Social Security or the minimum wage. Rent control helps people stay housed, and tenants across the country are rallying for it. Instead of trusting interest groups who suggest more of the same when it comes to housing policy, it's time for policymakers — and the Star Tribune Editorial Board — to trust the people who it directly impacts: tenants.