That AND universal childcare!! Fuck yeah New Mexico.
Now we jack up rents to insane levels and all get rich!
LOL, see my comment! That's exactly what will happen. Some of the small-time landlords will do the right thing, but this is free money to the soulless corporate home owners.
You misunderstand me.
We jack up rent to $30,000 a month so minimum wage goes up to $1000/hr.
Now everyone makes that or more so we can buy houses and raise rent to $300,000 a month and all make $10,000/hr and retire early.
If small business owners or franchises can't exist in the new way of doing business than they go bankrupt and someone else takes over.
The landlords are going to have a field day with this. Cha-ching.
It's the exact same with 55+ communities and when social security goes up. Sure they can tie it to rent, but the problem is that the landlords will just siphon more out. It's a very short sighted solution.
The next problem is corporate landlords charging so much for apartments.
Too bad the cost of living minimum wage is $24/h in Santa fe right now and their new raise is $7 short.
That's great, and answers a pretty important question, which is what "minimum" are we talking about when we say "minimum wage"? I very much like the idea of it being based on the amount needed to feed and to house yourself in whatever city or county you happen to live in. It makes so much sense that you almost wonder why no place does it that way...
australia kinda does it like that… our minimum wage is tied to CPI (which covers much more than just food: also entertainment, rent, transport), and afaik was originally based on living standards
a wage that is fair and reasonable… sufficient to meet the normal needs of an average employee, regarded as a human being living in a civilised community.
in fact, australia invented the concept of a “living wage” in 1907
so it should be exactly that today: enough for an average person to live a decent existence (including entertainment, food, housing, etc)
yeah every time I talk to an Australian the jealousy is real. Y'all actually get paid enough even at minimum wage to travel, switch jobs, live decently...
This will, unfortunately, inflate rents even further -- as much as I love the idea.
One of the only real ways to bring down rents and thereby leave more money in workers' pockets in a meaningful way is to tax vacancies. Without doing something like that, these extra wages go right to the landlords.
Now if only NM can unlock rent control.
The rich have gotten it completely banned. -_-
min wage can be done on the city level??? that would be a great idea for mamdani
This is estimated to impact around 10% of workers. I don't think landlords are going to react that much to 10% of the population making a couple dollars more per hour.
I imagine they make up more than 10% of the low cost rental demand.
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