As troublesome as the issue of rent control is to housing providers in Minneapolis, they are even more discouraging in St Paul.
This morning I received a copy of the proposed rent control ordinance that tenants petitioned to have on the ballot this fall. You can download it here. st paul rent control ordinance proposal
The ballot measure includes a proposed cap on annual rent increases of 3%. This rent increase would be in force even upon a vacancy. If the tenant moves out, the most a housing provider would be able to raise the rent for any prospective tenant would be 3%.
The proposal also suggests the city establish a way for landlords to request exceptions to the rental increase cap based on their right to a reasonable return on their investment. Qualifying expenses to obtain the increase would include things like increases in property taxes or operating expenses, lower occupancy, or deterioration due to anything other than normal wear and tear.
My understanding is final wording on the proposal will be released sometime in late August and the city council may have some ability to modify it slightly once passed.
Time will tell.