MINNEAPOLIS (WCCO) — St. Paul residents look to have voted Tuesday to pass a rent control policy that would be one of the most stringent in the nation. 

The initiative, which as of 11 p.m. Tuesday had 53% approval with all but two precincts reporting, would cap annual rent increases in the city at 3%, with only certain exceptions for property tax increases and major improvements. 

Advocates say the policy will protect low-income renters from unfair profiteering, specifically for renters of color. Opponents, however, said that rent control will hurt housing development in the city, leading to only higher prices for renters.