Ramsey County Commissioner Trista MatasCastillo, who voted for rent control, said she believes St. "This happens in every city where new regulations are passed … because they want to scare the city into changing the ordinance," said Tram Hoang, campaign manager for Housing Equity Now St. Supporters of rent control, led by a grassroots coalition that petitioned to put the ordinance on the ballot, say developers are making empty threats. "If our banking partners won't loan us dollars to build the buildings that are planned as market rate because they can more safely lend their dollars elsewhere, we will not be able to build the market rate projects" that help subsidize affordable housing, Barranco said. Ryan Companies warned before Election Day that the rent control ordinance could prevent them from finding investors for the 760 affordable housing units the city pledged to bring to the former Ford site. At the Highland Bridge site, where construction is well underway, Ryan Companies was scheduled to submit three building plans to the city this week - but Tony Barranco, Ryan's north region president, said Wednesday those reviews have been postponed indefinitely in light of the referendum's outcome. It's a sobering prospect as major redevelopments, including the Hillcrest Golf Club and Boys Totem Town sites, enter critical planning stages. Paul for 30 years as founder of Exeter, the company behind major projects like Grand Avenue's revamped retail corridor and new luxury apartments in the Cathedral Hill neighborhood. Paul," said Jim Stolpestad, who has worked on developments in St. "We, like everybody else, are re-evaluating what - if any - future business activity we'll be doing in St. Paul will not exempt new construction, which opponents argue will force lenders and developers to look outside the city for spots where they feel more confident that they will recoup investments and earn profits. Unlike most cities with rent control, St. Voters' decision Tuesday to cap annual rent increases at 3% sent developers into a frenzy, prompting some with stakes in Minnesota's capital city to pause projects or reconsider sites for future housing. "The ordinance as written may actually put those goals at odds." "We don't want our equity goals to be at odds with our growth goals," Goodman said in a presentation to the City Council Wednesday. Developers were calling to tell the city's director of planning and economic development they were placing projects on hold, putting hundreds of new housing units at risk. Paul voters approved one of the country's most stringent rent control policies, Nicolle Goodman's phone started to ring.
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