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$15/hr Min Wage and Rent Increases (Now A Min Wage Discussion)
Posted on 1/16/21 at 9:28 am
Posted on 1/16/21 at 9:28 am
I know the wage increase will eventually cause a rise in goods and such but how does it affect housing? I would assume most landlords don’t run a multi employee business and wouldn't immediately be impacted by the change. What are the boards thoughts.
This post was edited on 1/17/21 at 1:08 pm
Posted on 1/16/21 at 9:43 am to GAFF
My thoughts are: Joe Biden, like every president before him, makes grandiose promises to get elected that he has no intention of fulfilling. The democrats went from forgive all student loans, to forgive 50k, to forgive 10k, now we can’t even get a 2k check out of them.
This $15/hr minimum wage thing is unlikely to happen at the national level imo
This $15/hr minimum wage thing is unlikely to happen at the national level imo
Posted on 1/16/21 at 9:53 am to Boring
Fla is a red state. Republican Gov, voted for Trump, and still voted in a state wide 15 min wage. It’s not a Trump or Biden thing. Wether it’s becomes federal instead of state I don’t know. I’m speaking in hypotheticals. How would it affect housing?
Posted on 1/16/21 at 9:59 am to GAFF
quote:
How would it affect housing?
How do you think it affects housing?
Posted on 1/16/21 at 10:36 am to GAFF
This is such a broad question but I'll give some thoughts on it:
1. I think, if anything, we will see a "phased" increase in the minimum wage. I don't think you'll see it go from $7.25 to $15 overnight (I certainly hope not). When the minimum wage was increased from $5.15 to $7.25 in the late 2000s, it was increased three times in 2007 - 2009 to $5.85, $6.55, and $7.25, respectively.
2. If an increase in unemployment from an increase in the minimum wage is offset by an increase in welfare benefits and/or unemployment benefits, you'll see more of the lower end rental market either become Section 8 housing (or pseudo Section 8). Investment residential real estate has performed pretty well in 2020 because tenants that lost their jobs are making pretty good money being unemployed with the increased UI benefits.
3. Housing is generally a decent inflation hedge. I think you'll see housing prices going up on a nominal basis. What the impact would be on "real" housing values, I'm not sure.
1. I think, if anything, we will see a "phased" increase in the minimum wage. I don't think you'll see it go from $7.25 to $15 overnight (I certainly hope not). When the minimum wage was increased from $5.15 to $7.25 in the late 2000s, it was increased three times in 2007 - 2009 to $5.85, $6.55, and $7.25, respectively.
2. If an increase in unemployment from an increase in the minimum wage is offset by an increase in welfare benefits and/or unemployment benefits, you'll see more of the lower end rental market either become Section 8 housing (or pseudo Section 8). Investment residential real estate has performed pretty well in 2020 because tenants that lost their jobs are making pretty good money being unemployed with the increased UI benefits.
3. Housing is generally a decent inflation hedge. I think you'll see housing prices going up on a nominal basis. What the impact would be on "real" housing values, I'm not sure.
Posted on 1/16/21 at 10:50 am to yellowhammer2098
Have to leave something on the table for 2024 ;)
Posted on 1/16/21 at 11:01 am to yellowhammer2098
Very interested to see the effects on Section 8/ “affordable housing” that is tied to area median income.
Posted on 1/16/21 at 11:44 am to yellowhammer2098
Very thoughtful answer, which I agree with.
Much appreciated.
Much appreciated.
Posted on 1/16/21 at 5:54 pm to Jag_Warrior
Why should it be increased? Minimum wage is for those with no skills and mainly for young workers. If you are 50 making minimum wage, thats no one's fault but your fricking own. Its bad enough you can't fire people for being such sorry arse workers for fear of them crying racism, and now you want to double their pay right off the rip with no added skills. fricking stupid as frick. If you want to make more than minimum wage, get some skills or have better work ethic instead of being a lazy entitled bum.
Posted on 1/16/21 at 6:05 pm to KickPuncher
quote:Frick off. At least they’re working. A lot of retired, elderly, and disabled have minimum wage jobs.
have better work ethic instead of being a lazy entitled bum.
Posted on 1/16/21 at 6:08 pm to tigergirl10
quote:I'm not talking them obviously. If you are retired, elderly or disabled, you are definitely far from a lazy entitled bum. So yeah I'm not talking about you bub.
A lot of retired, elderly, and disabled have minimum wage jobs.
Posted on 1/16/21 at 6:42 pm to KickPuncher
I bet you believe overall wage increases have kept track with overall inflation.
I’ll give you a hint. No. Regardless of minimum wage, most people in this country are well underpaid compared to 20/30 years ago.
I’ll give you a hint. No. Regardless of minimum wage, most people in this country are well underpaid compared to 20/30 years ago.
Posted on 1/16/21 at 7:27 pm to KickPuncher
Needs to be a cost of living wage increase not an across the board $15
Posted on 1/16/21 at 7:54 pm to marchballer
quote:
most people in this country are well underpaid compared to 20/30 years ago.
What data are you using for this statement?
Posted on 1/16/21 at 8:52 pm to bod312
Top earners account for majority of the increases in earnings. Income gap disparity has steadily been increasing.
Posted on 1/16/21 at 9:07 pm to marchballer
My chart was using median not average therefore it is not skewed due to the top earners. One difference is mine shows household versus yours shows individual.
Your graph shows an increase in real wages in every group except maybe the bottom 10th percentile (hard to tell due to the scale). The scale of your chart trying to show the different percentiles really compresses the chart making it hard to really see the data.
It does seem very obvious that every line increased from 2000 to 2018. Both your chart and my chart contradict your statement that overall wages have not kept up with inflation. Both of our charts show an increase in median real earnings.
Your graph shows an increase in real wages in every group except maybe the bottom 10th percentile (hard to tell due to the scale). The scale of your chart trying to show the different percentiles really compresses the chart making it hard to really see the data.
It does seem very obvious that every line increased from 2000 to 2018. Both your chart and my chart contradict your statement that overall wages have not kept up with inflation. Both of our charts show an increase in median real earnings.
This post was edited on 1/16/21 at 9:10 pm
Posted on 1/17/21 at 7:29 am to bod312
I've never met anyone on minimum wage who 8 years later never got a raise.
I have met people on minimum wage who either got raises/promotions and replaced with new people on minimum wage or they left that job for a better paying one (and the position was replaced with someone on minimum wage).
I have met people on minimum wage who either got raises/promotions and replaced with new people on minimum wage or they left that job for a better paying one (and the position was replaced with someone on minimum wage).
Posted on 1/17/21 at 7:33 am to bod312
I don't understand why someone who wants a job at $8/hr and an employer who wants to offer said job at the pay rate can't do so because it would be illegal.
Where is justice in that?
Where is equity in that?
Why should the government say that the company should either send jobs to Mexico, replace with robots, or go out of business to a fortune 500 that can absorb the increase?
If we want jobs here, why does a politician hate that?
Where is justice in that?
Where is equity in that?
Why should the government say that the company should either send jobs to Mexico, replace with robots, or go out of business to a fortune 500 that can absorb the increase?
If we want jobs here, why does a politician hate that?
Posted on 1/17/21 at 10:15 am to KickPuncher
quote:
for fear of them crying racism
In your case it seems they'd be right
Posted on 1/17/21 at 10:20 am to meansonny
the government is saying, for right or wrong, that businesses can not exploit people for cheap labor
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