The cost of a 2 bedroom apartment always costs what someone working for minimum wage makes plus $100. Why? Because landlords don’t want people making minimum wage living at their apartments - never mind the (perceived)increased maintenance and crime - people working minimum wage are people that don’t have income security and more likely to miss payments or need to be evicted.
If you raise minimum wage, the price of rent just goes up. Now that isn’t a argument against raising it more that an argument against renting and an argument for housing reform, but that is a whole different post.
The cost of a 2 bedroom apartment always costs what someone working for minimum wage makes plus $100.
It doesn’t, though; it’s way more. You are so out-of-touch…
If you raise minimum wage, the price of rent just goes up
That’s not how that works. Landlords and property managers can ask for more, but it doesn’t mean they’ll get it. What would happen is people would have more money for literally everything but rent and the economy as a whole would improve. I don’t work for minimum wage, yet raising it would benefit me, along with everyone else. It hasn’t even come close to keeping pace with inflation.
They can ask for more, and they will, and someone will pay it. Because now everyone has more, and everyone still needs to live somewhere. A landlord for profit isnt going to suddenly want less profit for no reason other than to help everyone else out, or they wouldnt be a landlord for profit.
As someone who is currently living in a 2 bedroom apartment and has seen the price change through out the years, I think I am in touch with what it costs.
It ain’t the “market” that sets prices, it’s the owners. The owners set prices to fill up the apartments, sure, but they would rather it sit empty then rent it out to someone that would cost more money to evict and repair then they would pay in rent.