Santa Fe tackles rental rates with first-in-US minimum wage approach [View all]
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
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