Santa Fe Links Minimum Wage to Housing Costs

Santa Fe, New Mexico, is pioneering a novel approach to tackle its housing affordability crisis by linking minimum wage increases to housing costs. The citys minimum wage will now be calculated using a formula that considers Consumer Price Index and fair market rental data, with a five percent cap on increases. This move aims to preserve Santa Fes diverse culture and improve the quality of life for residents like Diego Ortiz, a construction worker and father. However, experts note that while raising wages helps, it wont solve the underlying housing shortage or assist those not in the workforce. Santa Fe is also addressing the issue by permitting more homes and apartment units and implementing a mansion tax to fund affordable housing projects. The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.