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Discussion on potential benefits of legislation for needy communities

1:54:09

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Council Member Carmen N. De La Rosa inquires about how the neediest communities would benefit from the proposed legislation. Oona Adams explains the potential economic impact of increased wages for construction workers in affordable housing projects.

Increased wages could result in $300 million more in wages and benefits for reentry construction workers
Economic model suggests nearly $300 million in additional sales and $99 million in income taxes reinvested in workers' communities
Emphasizes the exponential impact of wage increases on local communities of color

Carmen N. De La Rosa

1:54:09

Thank you for for your answer, for your detailed answer.

1:54:14

We did ask as you saw HPD about the wage data, and we intend on following up.

1:54:24

There are also members of HPD that are still here, and I I wanna also simultaneously thank them for staying.

1:54:31

I think it's important for us to have and hear both sides of the conversation in this setting.

1:54:36

My next question for you is how would our need

Steven Polizzi

1:54:39

need

Carmen N. De La Rosa

1:54:40

neediest communities benefit from this legislation in your opinion?

Oona Adams

1:54:44

Sure.

1:54:45

So every dollar increase that goes into a low wage workers pocket has an exponential impact on local communities of color.

1:54:54

A 2021 study by Pinnacle Economics demonstrated that if reentry construction workers in our city, many of whom work in affordable housing go from earning $17 an hour with no fringe benefits, which is what we see affordable housing laborers making on average up to a $40 an hour package.

1:55:15

They would make collectively $300,000,000 more in wages and benefits.

1:55:21

And according to the implant economic impact model, this increased income would result in the reinvestment of nearly $300,000,000 additionally in sales $99,000,000 in income taxes into the communities where they live.

Carmen N. De La Rosa

1:55:39

Great.

1:55:41

Gil has a follow-up.

1:55:42

Thank you.

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Council member inquires about affordable housing data and wages