Frey Tackles the Housing Crisis

Asks for a record amount of funding to help

Steve Simpson
May 15, 2018 - 6:59 am

Frazer Harrison / Staff / Getty Images

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Minneapolis Mayor Jacob Frey is proposing a record amount of funding in the upcoming 2019 city budget to try to help with a growing housing crisis in the city.

The first-term mayor says he'll ask for about $50 million for the effort, which is $38 million more than what's included this year.

"Our vacancy rate is 2.5 percent. A healthy vacancy rate is roughly 5 percent," Frey said in announcing the proposal Monday afternoon. "The city is growing faster than it has since 1950 and at the same time housing costs have gone up, incomes have stagnated or even decreased."

Frey said the money will be used to increase development and incentives for current affordable housing as well as support for renters and vacant lot development. Frey acknowledges that the funding may not be there for the entire proposal, but said he's looking forward to working with members of the city council.