Santa Fe tackles rental rates with first-in-US minimum wage approach

[BumRushDaShow]

Source: msn/AP

12h


SANTA FE, N.M. (AP) — Santa Fe has long referred to itself as “The City Different” for its distinct atmosphere and a blending of cultures that stretches back centuries. Now, it's trying something different — something officials hope will prevent a cultural erosion as residents are priced out of their homes.

It's the first city in the United States to directly link wages to housing affordability, aiming to counter high rents by tying minimum wage increases to consumer prices as well as fair market rental prices. Many see the new ordinance as a big step forward for workers, but Mayor Alan Webber also sees it as an important tool for addressing an affordability crisis that threatens the very fabric of Santa Fe.

“The purpose is to make a serious difference in assuring that people who work here can live here,” he said. “Santa Fe’s history and culture is really reflected in the diversity of our people. It’s that diversity that we’re trying to preserve.”

Santa Fe is not alone. Rising rents and housing prices have squeezed households nationwide, leaving many with less income to pay for other necessities. Experts say the financial pressure on renter households has increased compared to pre-pandemic conditions.

Read more: https://www.msn.com/en-us/urban-infrastructure/housing-and-urban-development/santa-fe-tackles-rental-rates-with-first-in-us-minimum-wage-approach/ar-AA1RhWvN

[mdbl]

1. Private equity has ruined the housing market in the entire country

Even trailer parks have been made unaffordable. The tax structure needs to remove any incentives, and even place some disincentives in place to discourage the rapacious behavior. This will never happen under right-wing rule.

[70sEraVet]

2. Too many cities in this country have allowed housing costs to sky-rocket....

without raising their minimum wage, forcing their low-wage workers to find housing far outside the city. And if those same cities do not invest in a decent public transportation system.....

[BumRushDaShow]

3. "Too many cities in this country have allowed housing costs to sky-rocket...."

Because they allowed "house-flipping", where whole neighborhoods go empty while the flippers make money off of novice flippers who they sell to to make a quick profit, while no one ever ends up actually living in the house because they can't afford it.

I remember one block near where I grew up, had at least 20 homes (on a block with something like 30 twin homes), that were being flipped in the same year period.