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Minneapolis Fed to measure long-term housing impact of Minneapolis 2040 plan

Over 10 years, the Bank will monitor the effects of the plan’s housing-related objectives

May 5, 2020

Authors

Minneapolis Fed to measure long-term impact of Minneapolis 2040 plan key image
Paula Woessner/Minneapolis Fed
Minneapolis Fed to measure long-term housing impact of Minneapolis 2040 plan

The Minneapolis Fed is developing indicators for the city of Minneapolis to measure the impact of housing policy and programmatic changes resulting from the Minneapolis 2040 plan.

The Minneapolis 2040 plan, adopted in 2019, included this housing goal: “In 2040, all Minneapolis residents will be able to afford and access quality housing throughout the city.”

The Bank’s indicators, which will be updated through 2030, will evaluate the long-term effectiveness of the housing policy and programmatic changes resulting from the plan, including the elimination of single-family zoning and an inclusionary zoning ordinance.

While these indicators will not measure the effects of individual policies or programs, they will collectively answer the question, “How has the 2040 plan met its housing-related objectives, compared to expected outcomes absent Minneapolis 2040?” The goal is to prepare city leaders for questions that will emerge about the impacts of the plan.

This collaboration, which was approved by the Minneapolis City Council on Friday, May 1, builds off the existing relationship between the Fed and the city on the Minimum Wage Study. Similar to that project, the Minneapolis Fed will provide the city additional analytical capacity beyond what city staff alone can do. The Bank also provides objective analysis and independent perspective.

The Minneapolis Fed expects that the results will inform policymakers in other cities and regions across the Ninth District and nation. This effort further advances the Bank’s ongoing mission to serve the public through data-driven contributions to public policy.

Ron J. Feldman
First Vice President

Ron Feldman is the Minneapolis Fed’s first vice president and chief operating officer. In this role, he leads Bank operations, including finance and budgeting, strategic planning, payment operations, and workforce and talent development. Ron co-authored Too Big to Fail: The Hazards of Bank Bailouts with former Minneapolis Fed President Gary Stern.