I asked a group of people recently if they remembered when Nixon implemented price freezes and was shocked when no one seemed to remember. Maybe I am older than the people in the room were, but I thought I’d check my memory. Sure enough, President Richard Nixon did order a variety of freezes in 1971 “to cut inflation” was why he did it according to something else I read.
This came to my mind while discussing rent control or rent stabilization laws. Note, Minnesota State law preemptively precludes rent control or stabilization — for now. This is an issue that needs to be reconsidered since it, in effect, holds tenants hostage, some might say, by — in effect, extortion — since the cost and hassle of having to move, combined with the lack of availability of rental units, and the general price fixing known by some as “The Invisible Hand” of the marketplace, conspire to make tenants resigned to endless rent increases because all rental housing is unregulated and inherently exploitive of tenants at many levels.
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