A Minneapolis program aimed at increasing housing supply has shown promising results, with the housing stock in Minneapolis growing by 12% compared to 4% statewide. Rents in Minneapolis fell by 4% while rents nationwide surged by 22% since the program was implemented. The program, called Minneapolis 2040, ended single-family exclusive zoning and allowed for the development of multifamily buildings on lots previously restricted to single-family homes. The success of the program has implications for addressing housing supply and affordability in the city.
In other news, tensions are rising in the Middle East as Israel launched strikes on Lebanon and Hezbollah vowed revenge for attacks that killed dozens. The situation between Israel and the Iran-backed militant group is escalating, with the possibility of all-out war looming closer. In Kentucky, a sheriff is expected to be charged with murder in the fatal shooting of a district judge in a courthouse following an argument.
On the campaign trail, both Vice President Kamala Harris and former President Donald Trump are promising support for first-time homebuyers and offering various fiscal promises to voters. Trump has promised to reverse the SALT cap, while Harris has pledged to expand the child tax credit and offer tax deductions for small business startups. These promises, while appealing to different segments of the electorate, add to the federal deficit according to experts. As Election Day approaches, both candidates are making a flurry of promises to gain support from voters.
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