Comptroller Scott Stringer wants the city’s minimum wage to soar more than $5, though he conceded yesterday businesses may struggle with the potential hike.
Mr. Stringer, appearing on NY1′s Inside City Hall, explained the rationale behind a report he released this week calling for a $13.13 city minimum wage, conceding that businesses would need to take time to adjust to the hefty boost.
“There’s no question that if you raise the minimum wage, it will be challenging for businesses to … adapt,” Mr. Stringer told host Errol Louis. “But they will adapt and when they do adapt you end up pumping money in this case potentially billions of dollars into local communities around New York City, though people who get a raise in salary go to local stores, they buy more at the local businesses so you’re really creating a trigger that will help our small businesses.”
Mr. Stringer unveiled a report on Monday that said boosting the minimum wage from $8–it will be $9 statewide by the end of 2015–will generate $115 million a week in new wages, increasing the spending power of New Yorkers. The analysis, however, did not examine how businesses would cope with the sudden hike and whether workers would have to be laid off to meet the new requirements.