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Planning Commission Regular Meeting Minutes April 15, 2025 Page 5 1 housing stock. This does not tick many of the boxes in the positive categories. One of the goals is to 2 add affordable housing while avoiding investor takeover of single-family homes. There is no 3 destruction of housing stock when people rent. There is 40% non-owner occupant residents. 4 5 Chair Socha asked Staff if the City Council had been sent the Federal Reserve study, and Mr. 6 Grittman stated he does not believe it was. Commissioner Corneille was requested to forward the 7 study to Mr. Grittman who in turn can forward to the City Council. Chair Socha found Commissioner 8 Corneille’s comments compelling. She has heard it is difficult to engage renters. There are other ways 9 to get engagement and get people’s input. It is a valid point that stability and engagement in the 10 community is good. How that is achieved is being questioned as far as a rental cap. 11 12 Commissioner Mayne stated investor ownership decreases affordable housing in the community. 13 Commissioner Corneille stated that is not correct. Chair Socha stated there is an understanding or a 14 belief that if there are corporate landlords that want to come in they bid above market value, and 15 suddenly the property values of homes is sky high and individual homeowners are being priced out. 16 That is not happening in Minnesota. 17 18 Commissioner Erickson stated if you are increasing the supply of rentals, it will bring down the rental 19 rates. 20 21 Commissioner Corneille referred to a standard mortgage payment. The rental prices in St. Anthony 22 are lower than a median mortgage payment. Renters are generally not responsible for the maintenance 23 of the property. Housing affordability changes over time. 24 25 Commissioner Mayne noted for investor owners. they would like to make money on that transaction. 26 He believes the cost of renting a home is greater than owning that home. If there is more supply in an 27 area the rental rates are lower. 28 29 Chair Socha stated she has unanswered questions. More discussion on exceptions needs to take place. 30 Chair Socha asked if corporate owners could be limited on owning rentals in the City. Mr. Grittman 31 stated there are a number of problems with that approach. There are ways to work around that. 32 33 Commissioner Mayne asked if there has been some discussion about capping the number of rental 34 licenses a person can hold. 35 36 Commissioner Corneille asked if the Commission agrees that restraining supply increases price. If the 37 number of licenses are capped, the cost of rents in the City would increase. The affordability of 38 housing would be decreased with this Ordinance. Commissioner Erickson stated St. Anthony is part 39 of the metro area, and there are plenty of rental units. If that supply increases, it would impact cost. 40 Commissioner Morita noted the cheaper rentals are out of the school district. 41 42 Commissioner Morita stated he has been against regulations in the City restricting homeowner rights. 43 It creates fear for residents as he does not know what his future looks like and his possible need to 44 move due to job. He does not support a cap on rentals. He believes it started when discussing short- 45 term rentals. There is a benefit from long-term rentals. 46