A mixed-use development, with 20% of the housing reserved for lower-income renters, under construction on a 122-acre site where a Ford Motor Co. assembly plant once stood along the Mississippi River in St. Paul, Minnesota, part of the Twin Cities metropolitan area — A mixed-use development, with 20% of the housing reserved for lower-income renters, under construction on a 122-acre site where a Ford Motor Co. assembly plant once stood along the Mississippi River in St. Paul, Minnesota, part of the Twin Cities metropolitan area
Photographer: Ben Brewer/Bloomberg

First American City to Tame Inflation Owes Its Success to Affordable Housing

The Minneapolis area has seen an increase in rental units, thanks to a regional effort that included new zoning rules.

By Mark Niquette and Augusta Saraiva

August 9, 2023 at 5:30 AM EDT

No place in the US has put inflation in the rearview mirror quite as fast as Minneapolis.

In May, the Twin Cities became the first major metropolitan area to see annual inflation fall below the Federal Reserve’s target of 2%. Its 1.8% pace of price increases was the lowest of any region that month.

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