National $15 Minimum Wage

[Scott Hasselbach]

Next week a new administration takes over the White House. The Biden administration has announced they plan to put a national $15 minimum wage in place. This will almost double the income of most of middle America where the current minimum wage is between $7-$9/hour. What do you believe the impact will be to rent and occupancy? Does anyone have a historical point of view on what has happened in the past? How should we, as landlords, be ready to take action?