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While not specifically about Minneapolis, this article on the St. Paul rent control gives an idea of what might come to pass if the the Minneapolis Question 3 passes and gives the City Council the ability to propose an ordinance on rent control. (As far as I understand it!)

St. Paul is an unlikely place for such a strict rent control policy. Housing costs are low and wages high in comparison with big coastal cities that have enacted rent control like Portland, San Francisco, Sacramento and New York City.

If Question 1 passes, St. Paul will become not just the first city in Minnesota to enact rent control but the first in the Midwest.

Minneapolis could follow shortly after with voters also deciding this November if the city council can write a rent control ordinance with the details of the policy to come later. Unlike St. Paul, Minneapolis does not allow ordinances to be passed through ballot initiatives.

From St. Paul voters could pass one of the country’s most stringent rent control policies – Minnesota Reformer