New rent control law in St. Paul causes landlords to raise rents, converting their buildings to condominiums, or sell them

From Reason

"With a new rent control law taking effect on May 1, many landlords in St. Paul, Minnesota, particularly small landlords and those who rent to low-income people, are raising rents, converting their buildings to condominiums, or selling them. The Pioneer Press reports this is exactly what critics of the measure said would happen. Voters approved the rent control referendum in November. It limits rent increases to no more than 3 percent a year and does not allow them to be raised to market rates when an apartment is vacated."