$15 per Hour Minimum Wage Effects?

[Jason V.]

Here in good old New York there is a huge push to raise the minimum wage to $15/hour. I'm not here to start a political debate! Hopefully we can all agree to leave politics out of this discussion, no matter what side of the argument we fall on.

I'm curious about everyone's thoughts as to the impact this would have on real estate. Would it drive home values up due to an availability of funds? Do you think rental prices would go up (because traditionally low-income people still have bad financial habits and won't be able to get financed) or down (because there will be more people who can afford to buy their own home?) 

I'm definitely in a lower income area, but if you have thoughts about how this impacts the middle and high-end areas as well, I'm definitely interested.