Minneapolis' housing deregulation over the past decade has helped keep the Twin Cities from plummeting into the deepest hole in affordable housing availability.

The big picture: A new report by the National Multifamily Housing Council (NMHC) and New York University highlights Minneapolis as an example of how one city helped keep rents down.

• The report came on the same day that Congress passed the bipartisan federal Road to Housing Act, which aims to do some of the same things Minneapolis did: relax local regulations and encourage construction.
• President Trump said yesterday that he won't sign it until Congress passes an election reform bill he wants.

Zoom in: Researchers examined how the Minneapolis 2040 Plan and the elimination of parking minimums helped usher in a boom in multifamily construction, with the city increasing its housing stock by 12% between 2017 and 2022.

• Average rents increased by only 1% over those five years, per the report.
• Meanwhile, the rest of the state increased its housing stock by just 4% and average rents went up 14%.

Between the lines: While there was a national obsession with the 2040 Plan allowing duplexes and triplexes almost anywhere in the city, the NYU/NHMC report correctly notes that 87% of the new units were in buildings with 20-plus apartments.

• The main thrust of the 2040 plan is that it made it much easier for developers to build mid-size buildings along transit corridors.

Yes, but Researchers note that demand for Minneapolis apartments declined following the civil unrest of the summer of 2020, which partially explains the lack of rent increases.

Reality check: The honeymoon of slow rent growth has already come to an end due to a lack of new construction, plus signs that net out-migration from the Twin Cities has stopped.

• The Twin Cities have the fourth-fastest-growing rents in the U.S., according to Yardi Matrix.

The latest: The report says it will take about 60 years for the Twin Cities to address its affordable rental housing shortage if current conditions continue.

• That's not good, but it's better than all but five of the 51 largest metros in the U.S.

What we're watching: The city is about to begin community engagement to draft its 2050 comprehensive plan.

• While Minneapolis' zoning deregulation played a role in the construction boom of 2017-2022, so, too, did low interest rates.
• Jump-starting construction again will likely require those to come down, developers say.

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The Minnesota Attorney General's Office confirmed to Axios that it laid off 17 employees yesterday as part of a restructuring.

A spokesperson for Attorney General Keith Ellison did not say how many of them are attorneys. The cuts amount to about 4% of the 443 people who worked there prior to the layoffs.

What they're saying: "That restructuring will not impact ongoing litigation," spokesperson Brian Evans wrote in a statement.

Evans also said the cuts won't affect the AG's Medicaid Fraud Control Unit, which received $1.23 million in annual funding last session to tackle fraud that has plagued Minnesota's social service programs.

• Ellison's office yesterday charged seven defendants with defrauding Medicaid programs of $700,000.

🧑‍💻 Minneapolis-based software company SPS Commerce — one of the city's largest employers — is exploring a sale amidst pressure from activist investors. (Reuters)

🍔 Shake Shack is opening a restaurant near Eden Prairie Center. (Minneapolis/St. Paul Business Journal)

🏢 The developer behind the Dayton's Project reached a settlement with its lender to regain control of the struggling downtown Minneapolis building. (Star Tribune)

🏡 A Hennepin County jury found real estate broker Chadwick Banken liable for consumer fraud and discrimination for selling homes at inflated prices and preying on Muslim buyers. (Sahan Journal)

Best Buy announced yesterday it is the exclusive national retailer for RGB LED TVs, putting the electronics chain at the center of a rollout the company calls the biggest change in TV technology in more than a decade.

Why it matters: The move gives Best Buy a rare edge in the competitive TV market and positions the retailer at the forefront of the next generation of displays that have better color and contrast.

The big picture: The Richfield-based retailer is bringing RGB LED TVs from Samsung, Sony, LG, TCL and Hisense to stores nationwide as the technology begins rolling out.

• The TVs start at $999 and come in sizes ranging from 50 inches to 116 inches, according to the company.

Customers can still buy the TVs through manufacturers' websites and some regional retailers, Best Buy tells Axios.

• But the company says the TVs won't be available through other national retailers.

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The new Mystic Lake Amphitheater's first-ever weather cancellation on Tuesday prompted questions from many fans:

• Why did the venue postpone the 7:30pm Dave Matthews Band concert for "ongoing inclement weather" when the rain had largely stopped by 6pm?

What they're saying: The threat wasn't rain, but lightning, which was "forecasted in the area through 9pm," a spokesperson for venue operator Live Nation told Axios in a statement.

• "We could not have gotten fans back into the venue to enjoy a show before the curfew," the statement said.

The intrigue: Many fans wondered if the real problem was the venue flooding, not a storm threat.

• Instagram posts from DMB saxophonist Jeff Coffin showed puddles of water among the floor seats — but not major flooding.

A make-up date has been set for Aug. 31.