Most fast food workers in California would get a $20 minimum wage next year — a nearly $5 per hour raise — under a deal announced Monday between labor unions and the industry that will avoid a costly referendum on the November 2024 ballot.
Like someone not understanding that minimum wage workers not being able to afford to live where they work is different than ANYONE being able to live there?
Weird.
“I took micro economics and I think I’m smarter than everyone cuz I’ve never heard macroeconomics exists.”
I’m purely talking about rent prices. Not who and who cannot pay it. Rent is going to be priced to maximize profit. This means as soon as people can pay more, they will charge more.
If an apartment complex sees they can make more money by raising rents above what those making minimum wage can pay, then any minimum wage tenants will be replaced by those with more money.
I wholeheartedly believe everyone who doesn’t understand this is looking at the downvotes first, and logic second.
The amount of nonsense I had to read in this comment chain is appalling. But it just shows me the vast majority of you don’t understand basic economics, yet think you do because you agree with people who are wrong.
You seem to think you understand but again, you’re looking at only micro and not macro. It’s not like there’s one apartment next to McDonald’s where everyone who works there rents. People working minimum wage are taking public transport into the city to get to work because they’re already priced out of city apartments. Rent raises literally constantly, it has nothing to do with minimum wage because those apartments are not reliant on minimum wage workers. Hell teachers can’t even afford to live in LA last I remember. Those on minimum wage can’t afford rent there and just have to travel farther for work and live shittier lives.
Ah yes, the one place every single minimum wage employee lives! I forgot! That place! That exists in reality, where no other person lives, at all, and their landlord will certainly be the only think the have increased in that time, and definitely totally look at all their earnings before doing so, and thus it MUST be that minimum wage going up $5 will raise rent by $800/month!
Again, you’re not understanding because you choose to only look at two things as if there are no other influences which is just wrong. Could rent rise? Sure, it could for literally any fucking reason at all. Work from home affected rent in most places that support minimum wage workers more than anything since it allowed people who make more to move away from the city. Vice Versa Plenty of min wage workers will choose to not work two jobs just to survive if they don’t have to.
Look at everything in the region instead of just two pieces.
Removed by mod
Millenia, actually.
Well… if you look at this comment chain you’ll get an idea of how bad it is lol.
Like someone not understanding that minimum wage workers not being able to afford to live where they work is different than ANYONE being able to live there?
Weird.
“I took micro economics and I think I’m smarter than everyone cuz I’ve never heard macroeconomics exists.”
What are you even talking about?
I’m purely talking about rent prices. Not who and who cannot pay it. Rent is going to be priced to maximize profit. This means as soon as people can pay more, they will charge more.
If an apartment complex sees they can make more money by raising rents above what those making minimum wage can pay, then any minimum wage tenants will be replaced by those with more money.
I wholeheartedly believe everyone who doesn’t understand this is looking at the downvotes first, and logic second.
The amount of nonsense I had to read in this comment chain is appalling. But it just shows me the vast majority of you don’t understand basic economics, yet think you do because you agree with people who are wrong.
Sad.
You seem to think you understand but again, you’re looking at only micro and not macro. It’s not like there’s one apartment next to McDonald’s where everyone who works there rents. People working minimum wage are taking public transport into the city to get to work because they’re already priced out of city apartments. Rent raises literally constantly, it has nothing to do with minimum wage because those apartments are not reliant on minimum wage workers. Hell teachers can’t even afford to live in LA last I remember. Those on minimum wage can’t afford rent there and just have to travel farther for work and live shittier lives.
So… where do people working minimum wage live? Do they own their property?
If not, whoever they are paying will able to extract more money from them if they have more money to give. This isn’t even exclusive to rent.
It’s a very simple concept, and it’s sad this needs to be spelled out for you.
I genuinely believe you are twisting your brain in knots to find ways to agree with the crowd.
Ah yes, the one place every single minimum wage employee lives! I forgot! That place! That exists in reality, where no other person lives, at all, and their landlord will certainly be the only think the have increased in that time, and definitely totally look at all their earnings before doing so, and thus it MUST be that minimum wage going up $5 will raise rent by $800/month!
Lol, okay. You’re just making stuff up to argue against because you don’t have an actual rebuttal.
Goodbye. Keep thinking you’re right. At least you have the average person in this comment chain to agree with you, lol.
Again, you’re not understanding because you choose to only look at two things as if there are no other influences which is just wrong. Could rent rise? Sure, it could for literally any fucking reason at all. Work from home affected rent in most places that support minimum wage workers more than anything since it allowed people who make more to move away from the city. Vice Versa Plenty of min wage workers will choose to not work two jobs just to survive if they don’t have to.
Look at everything in the region instead of just two pieces.