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> What about simply raising workers' pay? Median U.S. wages have long failed to keep pace with rising housing costs. But Ferguson says that raising pay won't cr
by abeppu 4y ago
> What about simply raising workers' pay? Median U.S. wages have long failed to keep pace with rising housing costs. But Ferguson says that raising pay won't create new homes.
> Only 10 of the first 14 houses found buyers immediately. Walker says some interested employees can't break their lease yet or need more time to improve their credit scores or save for a down payment.
If even when selling them at cost, the company doesn't have employees lined up and ready to purchase, then it sounds like their wages _also_ need to come up. They're not paid enough to have the financial stability to save even for a home being sold at cost.
- Finnucane 4y agoPay people enough to afford it? Lol, that would be socialism. Selling at cost means they can make some housing available but at no cost to themselves. It might still work out to be a better deal for the employees though--if they were paid more and bought houses from commercial developers, they'd probably have to pay twice as much for the house.
- FateOfNations 4y agoIt also said something about a lottery, so I suspect there are enough buyers for them. "Immediately" likely meant that they had their down payment and everything else all ready to go. Others likely needed to make arrangements to sell their existing homes and other things before committing.
- carlosjobim 4y ago> improve their credit scores or save for a down payment. That's really telling. The company who has hired them and are paying their salaries don't think that they are credit worthy. So they are literally admitting that they are underpaying their labour severely, or expect to do lay-offs.