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Rent control is among the dumbest policies known to man, but cities keep trying it. St. Paul, Minn., is the latest to discover this universal truth, though not before significant damage was done.
Voters passed a ballot measure last November imposing a 3% cap on annual rent increases. The result was that builders shunned the city, and the City Council has responded by voting late last month to create new exceptions to the cap.
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