[testfoobar]

The underlying cause of runaway asset price inflation is ZIRP and QE. Renters experience it as rent increases outpacing wage increases - this is socially destructive. But neither Mamdani (DSA) or Democrats or Republicans are willing to touch Federal Reserve QE.

Senator Schumer (D-NY) famously said in 2012 to Ben Bernanke (Federal Reserve Chair): 'Get To Work Mr. Chairman' - encouraging him to start Quantitative Easing 3 (QE3) - a program to digitally print $40billion and eventually $85billion per month of "money" and injecting it into the financial system.

[raincom]

Democrats want higher wages for workers instead of reducing the cost of living (rent, insurance, etc).

[Workaccount2]

Which is a total exercise in futility.

The way you fix housing is by building new housing, and letting old housing become the affordable housing.

[johnnyanmac]

At this point we need both. If full time minimum wage can't afford an entry level studio apartments, then we're already in trouble.

For reference, that's $2100 or so of monthly take home pay for NYC's 16.50 minimum wage. Old wisdom would mean that this should make for $700 rental prices. But I'm sure few Gen Z are expecting rent to be 30% of income.

[wakawaka28]

Generally speaking, legal requirements for elevated wages are another form of price fixing. The results of this price fixing are that fewer people will have jobs, the poorest people will be disenfranchised because it is not profitable to pay them a full salary, and the cost of everything in the city may very well be elevated due to more people willing/able to pay for the limited housing and other necessities. If you really want to help poor people, find a way to help them be more productive, and stop damaging the industries that get people the things they need.