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Polaris CEO calls impending tariffs ‘downright catastrophic’

Getting snowed. Kate Rooney and Morgan Brennan of CNBC spoke to Polaris CEO and Chairman Scott Wine on Tuesday about impending tariff increases: “Wine flagged major implications of the White House’s plan to up tariffs on Chinese goods to 25%, effective Friday night if the U.S. and China aren’t able to strike a trade deal. ‘At 25% it’s downright catastrophic in terms of impact on the company and employees,’ Wine told CNBC’s Morgan Brennan. Polaris has continued to pursue an exemption from the U.S. government on China tariffs and Wine said he remains hopeful that will still happen.”

Pothole in the savings account. James Walsh at the Star Tribune interviews St. Paul homeowners frustrated with street repair bills: “The state Supreme Court in 2016 threw out St. Paul’s previous system of paying for street maintenance — a right-of-way fee charged to all properties, including churches. For mill and overlay projects, done on the city’s busier streets, St. Paul in 2017 started charging property owners 50% of the repair cost, based on their linear feet of street frontage, with the city picking up the rest. That meant whopping new bills of as much as $8,000 for some homeowners.”

All these apartments, and no place to live. FOX9 examines the lack of affordable housing being built during the ongoing apartment boom: “During this decade, the Twin Cities population grew 8 percent to 3.1 million people. However, housing only grew 5.4 percent or 63,604 units. In 2018, there were 6,500 new market rate apartments built in the 7-county metro area, but only 300 new affordable units. This year, there will be 1,800 affordable units built, but that is still only half of what is needed. According to the Metropolitan Council, Minneapolis is behind only San Francisco and Atlanta in the gap between housing and population growth.”

Q&A. Zak Farber at the Southwest Journal interviews Lynnea Atlas-Ingebretson, appointed to Metropolitan Council’s District 6 seat in March: “It’s important for institutions like ours to think about how we’re organized to meet the expectations, desires and interests of new generations. One study said that growth in Minnesota counties is in many places going to come 100 percent from communities of color and indigenous communities. That’s going to need to influence how we plan for things.”

In other news…

Curious:Fire officials: 1 hospitalized after ‘unconfirmed report of ricin’ in Minneapolis” [KARE]

For the First Time in Forever: “Minnesota actor will star in national tour of Disney’s ‘Frozen’” [Star Tribune]

#1 again: “Mississippi flooding record smashed in St. Paul” [KARE]

Masturbatory:Louis C.K. addresses controversy, ‘bad year’ at Minneapolis comedy club” [Star Tribune]

Not available at PetSmart:Willmar K-9 Major gets protective vest” [West Central Tribune]

For whenever spring arrives: “Target Is Launching Its Own $5 Bottle of Sangria” [Fortune]

Comments (2)

  1. Submitted by Ray Schoch on 05/08/2019 - 05:39 pm.

    Re: Affordable housing: Let them eat cake…

    A primary reason – perhaps THE primary reason – why affordable housing is simply not being built is that there’s no money in it. Real estate development is not intended – at least not intended by its practitioners – to be a charitable enterprise. Developers want to make money. Builders want to make money. Carpenters, plumbers, electricians, painters all want to make money. Much like auto manufacturers push their luxury lines while often not even mentioning the base model, home builders, whether single-family or multi-family, want to sell you the “deluxe” model, not the bargain basement one.

    • Submitted by Pat Terry on 05/09/2019 - 10:31 am.

      This is true, or course. But even building luxury/market rate housing will help the affordable housing shortage. The low vacancy rate in the metro drives up rents for older, non-luxury housing. Adding housing units – even if unaffordable to many – will free up other housing and reduce rents.

      The mistake some make is opposing construction of housing because its nor affordable housing. That is actually counterproductive.

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