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!
People will pay whatever it takes to not be homeless. If that means 75% of my paycheck is going to a shitty apartment, then i have to take on more debt to afford things like food. Landlords will continue to squeeze until something breaks.
"Credit cards"
You still don't understand, lol.
Even if people were relying on credit cards to pay, there's still a limit that landlords would have to price around.
My god. This is why this generation sucks with money, lol. Most of you don't have a clue what's going on yet think you're being clever.
Ahh well.
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!
Yeah, I'm incredibly confused here. You are talking first week of Econ 101 stuff here and people somehow think your points are debatable? Jesus.
From the looks of it, you ONLY have the knowledge of said "first week of economy 101".
People will pay whatever it takes to not be homeless. If that means 75% of my paycheck is going to a shitty apartment, then i have to take on more debt to afford things like food. Landlords will continue to squeeze until something breaks.