5/24/2024 -- Mpls Rents Hit Record High

Minneapolis

Minneapolis Is Facing a $21.6B Budget Shortfall 💲

The Summary: Minneapolis officials have disclosed a projected budget deficit of $21.6 million for the upcoming year, primarily due to the depletion of federal pandemic relief funds coupled with escalating labor expenses.

Financial Challenges Amidst Rising Costs: Despite the city's annual budget standing at $1.8 billion, the projected deficit presents a significant fiscal challenge, exacerbated by ongoing efforts to rebuild municipal staffing levels following the pandemic and George Floyd's murder.

Labor Costs Outpacing Revenue Growth: Despite anticipated revenue growth from sales and entertainment taxes nearing pre-pandemic levels, the budget gap persists due to substantial pay raises for over 4,000 city employees.

Budgetary Pressures and Negotiations: Mayor Frey expressed reluctance towards layoffs and cautioned against introducing new programs, as the city grapples with the impending deficit.

Housing

Minneapolis Rent Reaches Record High 📈

The Summary: Rent in Minneapolis surged to a record high in April, defying the national trend of decreasing average rent prices, according to a report by Realtor.com.

Prices: The median rent in Minneapolis increased by 2.5% to reach an average of $1,529, driven by factors such as low unemployment rates and sluggish multi-home construction.

Regional Contrasts and Comparisons: Minneapolis stands out among Midwestern cities, where rent prices are generally more affordable. Milwaukee and Indianapolis are also experiencing record high rent prices.

Minnesota Legislature

Chaotic Final Legislature Session Wraps Up With Numerous Bills Pushed Through 🏛

Summary: The Minnesota Legislature wrapped up their 2024 session this past week which legislators working through the night to push through last second legislation.

Bills That Passed:

-Measures addressing ride-hailing standards

-Emergency medical services funding

-Stricter gun laws

-Copper wire theft prevention

-Child tax credit modifications

-Medical debt restrictions and prior authorization reforms.

Bills That Didn’t Pass: 

-Equal Rights Amendment

-A bonding bill for statewide construction projects

-Legalization of mobile sports betting

-Authorization for ranked-choice voting in nonpartisan and municipal elections.

Business

❯ New Seb Joes: According to SW Voices, the popular ice cream shop Sebastian Joe’s is opening a third location in the South Minneapolis neighborhood of Kingfield. An opening date is yet to be announced.

❯ Target Prices: Target is planning to cut prices on a wide range of everyday items this summer, including bread, coffee, diapers, and more, to address consumer budget pressures amid inflation concerns.

❯ Salary Transparency: Starting in January 2025, a new Minnesota law will require businesses with 30 or more employees to disclose salary ranges or hourly wages alongside job listings.

GAME: Three Headlines and a Lie

The rules are simple, three of the headlines below are true while one is a completely false.

❯ A Timberwolves superfan from Japan has held season tickets for 20 years (link)

❯ Green Bay ranked ahead of Minneapolis in a recent “best places to live” list (link)

❯ In preparation for the Timberwolves series, Governor Tim Walz got “Bring Ya Ass” tattooed on his arm (link)

❯ A Barbie themed house in St.Cloud was recently named the “ugliest house in America.” (link)

Sports

Wolves Drop Game 1 of WCF 🏀

The Summary: After leading for much of the game, the Timberwolves struggled to close Game 1 at home ultimately losing 108-105 to the Dallas Mavericks.

Ant and KAT Struggle: The Wolves leading two leading scorers this season were a combined 12-36 from the field and just 7-21 from 3pt range.

Jaden Steps Up: The one bright spot in the loss was yet another great offensive showing from Jaden McDaniels who led the team with 24 points and was 6-9 from 3pt range.

Don’t Overreact: According to ESPN, since 2011 in the NBA Conference Finals, teams coming off a Game 7 win vs. teams that didn't play a game 7 are now 0-14 in Game 1.

Up Next: The Wolves are at home tonight for Game 2 which tips off at 7:30pm.

Other Sports News

⚾ The Twins bounced back with two straight wins against the Nationals after dropping 7 straight games. They host the Rangers for this weekend’s series.

🏒 Minnesota’s PWHL team faces Boston in what could be a decisive game 3 in the PWHL Championship series. They lead the series 2-0 and are at home on Friday and Sunday for games 3 and 4.

Quick hits

Headlines From Around The Twin Cities ✔

❯ A mother is filing a lawsuit against the Walker Art Center after being denied access because she was breastfeeding (Kare11)

❯ A new survey shows that 51% of U of M students feel unsafe on campus (KSTP)

❯ A woman has filed a new excessive force claim against Derek Chauvin over an incident that occurred in January of 2020 (AP News)

❯ Timberwolves superfan from Japan has held season tickets for 20 years (Fox9)

❯ Robert Downey Jr. was spooted at a Minneapolis target this week where he was promoting his new coffee brand (Bring Me The News)

Beyond the Twin Cities

Headlines From Greater Minnesota ✔

❯ No charges are being brought in a police use of force death of a Willmar man (MPR)

❯ A Rochester council member is suing the city after being kicked out of council meeting (Star Tribune)

❯ St. Cloud State University’s acting president is leaving for a job in Illinois just weeks after stepping into the role (Kare11)

❯ A tornado touched down just outside of Winona on Tuesday evening (Post Bulletin)

❯ Duluth is quickly becoming a climate refuge city for people who are coming from other parts of the country (WDIO)

The Final Word: Bring Ya Ass

Anthony Edward’s viral quote “Bring Ya Ass” is getting quite a bit of mileage online. Some of the best uses of the quote are here, here, and here.

-Patrick