That AND universal childcare!! Fuck yeah New Mexico.
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.
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 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.
Let’s get this guy in front of a crowd.
Edit: Archive link
Much as I like this idea, it feels like this may backfire badly. They’d be better off doing things that would reduce the cost of housing, like building more housing.
Building more housing only reduces the cost of housing if you don’t allow all of it to be turned into air bnbs. We need to modernize zoning laws.
The air bnb issue is the real problem, if they banned air bnb in santa fe it only can benefit the city
It’s not air BNB itself that’s the issue. I don’t see much problem if you have a second house through inheritance or whatever you rent it out. I think the bigger problem we are facing is corporate landlords, limiting personal and corporate ability to own more than a few properties would solve more issues.
This is a really good thing, it just doesn’t go far enough.
If minimum wage is tied to cost of living it reduces the incentive to price gouge.
Which is something Santa Fe is in particular need of, since they have an extremely restrictive ordinance on housing development.
Small business and franchises will be unable to afford more employees. Lemmy thinks these business owners are all rich. No, they can’t just hire more people.
Dug around one night looking at McDonald’s and franchising. You can expect a meager $50K your first year, $90K after that. No way in hell I’m putting in the hours and hassle of running a business, with a couple of dozen employees to care for, when I was making $83K sitting at home playing sysadmin. BTW, that $90K doesn’t include accounting and payroll, you on your own.
Min wage here is $15, so the employer cost is likely around $22. Even if the owner takes $0 pay, they could hire a whopping 2 employees.
Landlords will jack the rates knowing that their renters will make more and more money. This law funnels money from Main Street to corporate landlords. They’re punishing the good guys, incentivizing the bad guys, and minimum wage employees get squeezed from both ends.
SOURCE: Was a sysadmin for a payroll firm and was deeply involved in all aspects of the business. Most of our clients were not well off and paid minimum wage or close enough.
EDIT: Forgot to add; This is a revenue neutral law for the city. If they want more housing that’s money out of the budget or tax incentives to builders, so less budget next year. Probably worth the temporary lower budget to get the community thriving and able to pay taxes. No idea on all that. 🤷🏻
That’s one of the many reasons why most people never started McDonald’s franchise and instead leave it to conglomerates.
For instance, with McDonald’s, all of the buildings are owned by McDonald’s, so you’re renting the building from them, you’re paying them the franchise fee, and you’re ordering through their distributors.
That being said, there are many franchises you can purchase into that do not have nearly the same hurdles for income.
Yas queen.
