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I appreciate your analysis of Berkeley housing prices possibly driving out low wage workers. That's the kind of discussion and analysis I was asking for, as opp
by throwaway7492 5y ago
I appreciate your analysis of Berkeley housing prices possibly driving out low wage workers. That's the kind of discussion and analysis I was asking for, as opposed to the strawman in the article.
That said, Berkeley has ~$16 minimum wage, which applies to restaurant workers before tips. Additionally, housing prices plummeted in Berkeley during the pandemic. My apartment dropped 16.9% in price during the pandemic, although prices are now returning. I believe the average for San Francisco was closer to a 7% drop. I do not have data for Berkeley specifically.
Couple that with an eviction moratorium followed by rent forgiveness, and I don't believe that your argument holds.
Again, I appreciate the further discussion and analysis, as this is an interesting and far from simple economic phenomenon.
- runnerup 5y agoAs I noted above, I'm not seeing the unemployment. I believe restaurants are truthful when they say they can't find labor. But I don't think that's because the labor market is smaller. It seems there are normal amounts of unemployed people and if anything, the size of the US "labor pool" has gone up by a few million people since the pandemic started.