"I can’t tell you how many people were like, ‘Oh, look at all this supply, look at all these just brand new buildings,’ and kind of scoffing at it like this was going to lead to gentrification or rents skyrocketing,” said Minneapolis Mayor Jacob Frey, a two-term Democrat, in an interview. “The exact opposite has happened.”
This is one of those “well duh” moments… Obviously more supply leads to lower prices. This is Economics 101!
That sucks. So, people that worked and EARNED the right to live somewhere nice with property to enjoy now have to watch their property values tank along with having riff raff move into their neighborhood. Yeah, great. Now, that nice suburban home that someone worked hard for to buy is next to subsidized rentals.
Zoning laws are great and people need to fight to keep them. The goal should be to get people to improve their financial position so they can afford to live in the burbs too.