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<blockquote data-quote="Babagounj" data-source="post: 6131338" data-attributes="member: 12952">[URL unfurl=&quot;true&quot;]https://mishtalk.com/economics/los-angeles-passes-new-30-minimum-wage-for-hotel-and-airport-workers/[/URL]The law requires not only a $30 minimum wage by 2028, but also $8.35 hourly in required benefits spending.&nbsp;The effective wage is $38.35, by 2028.Los Angeles’s Olympic bid was contingent in part on having enough hotel rooms for athletes, spectators and officials. Hotels signed agreements guaranteeing a certain number of rooms at a given rate during the Games.An Oxford Economics study on the mandate found that 15,000 hospitality and construction jobs would be eliminated, with $342 million in construction spending halted and nearly $170 million in tax revenue lost.Those agreements are now at risk: Eight hotels have said they will pull out of the room plan, citing the unworkable economics of the new minimum-wage law. A hotel development that would have created 395 rooms for the Olympics was canceled. More-severe consequences are expected.</blockquote>

[QUOTE="Babagounj, post: 6131338, member: 12952"] [URL unfurl="true"]https://mishtalk.com/economics/los-angeles-passes-new-30-minimum-wage-for-hotel-and-airport-workers/[/URL] The law requires not only a $30 minimum wage by 2028, but also $8.35 hourly in required benefits spending. The effective wage is $38.35, by 2028. Los Angeles’s Olympic bid was contingent in part on having enough hotel rooms for athletes, spectators and officials. Hotels signed agreements guaranteeing a certain number of rooms at a given rate during the Games. An Oxford Economics study on the mandate found that 15,000 hospitality and construction jobs would be eliminated, with $342 million in construction spending halted and nearly $170 million in tax revenue lost. Those agreements are now at risk: Eight hotels have said they will pull out of the room plan, citing the unworkable economics of the new minimum-wage law. A hotel development that would have created 395 rooms for the Olympics was canceled. More-severe consequences are expected. [/QUOTE]

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