Chapter 4 Read, Respond, Reply

From this article, the author finds irony in New York City's proposal for minimum wage increases. While the idea behind it is to help the lower-income workers, it actually does not help anyone. This is because increasing minimum wage creates a price floor on low income workers that could potentially widely reduce jobs, benefits, and hours for them. Similar effects happened with rent control in 2015. The supply for those apartments actually went down when rent freezes were set in place. It did the opposite of what people who implemented it, wanted it to do. This all just shows that while these price controls are intended well, they are actually doing more harm than good.