How the Twin Cities Are Beating Inflation

The Minneapolis Saint Paul region is the first US metro area to fall below the Federal Reserve's 2% inflation target, largely due to efforts in affordable housing. Initiatives include eliminating single-family zoning and investing in rental assistance. Rent growth in Minneapolis since 2017 is just 1%, compared to 31% nationwide. Despite these successes, residents still feel the pinch of high costs for groceries and gas. Increasing affordable housing supply is crucial in combating inflation, though some residents find it hard to notice the benefits. Historical context shows it's not as severe as the late 1970s double-digit mortgage rates.

What is considered critical to the overall fight against inflation according to the text?

How does the current economic situation compare to the late 1970s according to the speaker?