Stringer: $15 Minimum Wage Would Boost N.Y. City Economy

Raising the minimum wage to $15 per hour in New York City by 2019 would boost wages by $10 billion a year and benefit nearly 1.5 million workers in the city, according to an economic brief Comptroller Scott Stringer released April 14.

Stringer's report analyzes the impact of raising the wage in New York City based on the New York State Assembly's proposal to increase it to $12.75 per-hour in 2017, $13.75 per-hour in 2018 and to $15 per-hour in 2019.

"Raising the minimum wage is one of the single most effective tools we have to attack income inequality in our city, and there is no reason to delay an increase of up to $15 per-hour," Stringer said. "The question should no longer be whether the minimum wage should be increased in New York City, but by how much."

The city has the nation's highest cost of living and, when adjusted for cost of living, its minimum wage is the lowest of any major U.S. city.

Other states and cities nationwide have moved to raise their minimum wages. Last year Seattle and San Francisco enacted minimum wages that phase-in to $15 per-hour, and other cities have also increased their local wage.

In 2014, Connecticut and Maryland approved increases to as much as $10.10 per-hour. Vermont's minimum wage will phase-in to $10.50 per-hour in 2018 and Massachusetts' minimum wage will rise to $11 per-hour by 2017.

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