11/29/2021 | Press release | Distributed by Public on 11/29/2021 10:53
A new data tool created by the Minneapolis Fed in partnership with the city of Minneapolis will measure the effects of the city's Minneapolis 2040 plan on housing. The Minneapolis 2040 plan allows for the construction of more multifamily properties throughout the city to expand housing supply, increase housing affordability, and encourage equitable development.
Built at the request of the city, the dashboard is designed to help city leaders and the public better understand the effects of the plan on Minneapolis residents and neighborhoods.
Under the plan, Minneapolis became the first major city in the United States to eliminate zoning regulations that ban the construction of duplexes and triplexes. To measure the impact of these policies, the dashboard of 10 indicators is grouped into three broad outcomes reflecting key goals of the plan: more housing, more affordable housing, and more equitable housing. The indicators, such as new units in multifamily structures and housing cost burden, will help us better understand the effects of the plan relative to what would have happened otherwise.
"The city of Minneapolis is at the forefront of a national conversation on the role of land use regulations and housing supply. We are excited that the city asked us to contribute by analyzing this significant policy change, allowing us to inform policymakers not only in our hometown but also across the country," said Alene Tchourumoff, senior vice president of Community Development and Engagement at the Minneapolis Fed.
The Minneapolis Fed will regularly update the dashboard data through the lifetime of the Minneapolis 2040 plan. These results will inform policymakers not only in Minneapolis, but in other cities and regions across the Ninth Federal Reserve District and the nation that are considering similar efforts in the interests of expanding housing affordability.
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation's central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin, and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.