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Investing in the S&P 500 has consistently returned better results than homeownership.
That being said there are persons in NYC and elsewhere that are comfortable to very well off that have chosen to rent their entire lives.
Long as people are investing and saving for old age/retirement that is the main issue. Since for most Americans their home represents their future "piggy bank", there you are.
A good article written by an NYC business owner . He breaks it down in the articles why the hikes are so bad.
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Minimum wage kills. Not actual people, but it kills jobs. I own Lagmitz Paper & Plastic Co., LLC, a business I started out of my parents' basement in Brooklyn over 37 years ago. Every year, running the business becomes more difficult, and something needs to give.
New business regulations keep getting piled on us by Mayor de Blasio and the City Council. Payroll taxes increase. And, most punishing of all for our bottom line, the minimum wage keeps going up, thanks mostly to Gov. Cuomo.
You constantly rant about the large numbers of homeless but you seem unable to understand that many people are homeless because they have been priced out of the housing market.
In New York City
"From 2010 to 2017, New York City rents rose twice as fast as wages. Asking rents increased by 3.9 percent annually, while median wages rose 1.8 percent per year over the same period. The city’s lowest earners saw the least amount of wage growth, while the lowest bracket of rents increased the most (4.9 percent annually) since 2010. Increases in asking rents far outpaced the 1.2 percent annual increase in the cost of other goods. Rents for upscale units in San Francisco, Seattle and Los Angeles grew at faster paces over the period than New York."https://streeteasy.com/blog/nyc-rent...dability-2017/
And it's far worse in LA and San Francisco but that is not the topic here so I won't expand on it, but seriously your heart bleeds for Applebees but where is your empathy for families who are priced out of their home or apartment and forced to sleep in their car or in a shelter?
They can split a one bedroom with two roommates if they got paid $15/hour. That wouldn't be possible if they were paid say the $3/hr that you guys think is "market rate"
Occupancy laws/housing codes most likely wouldn't allow that to begin with.
Otherwise you'd have 10 people living in a studio or a one bed or a two bed. All over the city.
Who said minimum wage should be $3/hour or is "market rate"?
I am so sick of these kinds of posts when the responder flips his gums and never bothers to see if what he says is valid - again - assuming rather than doing a google search so you don't look foolish... People wonder why no one ever reads their posts.....
From your article which has the same info as the one the OP posted, "a group representing more than 100 restaurateurs" So 100 restaurants mostly Applebee's whine about losing money and it's a hair on fire event?
Well, Oklahoma cutting food stamps for single poor people and disabled from $16 a month to $8 is surely down your moral alley.
$8 a month? Why even bother?
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Too Much Greed.
