"One of the main arguments marshalled by opponents of living wage in New York City, including some unions, is that it will deter development in low-income areas where development is already difficult enough.
The wage requirements would apply to developers who receive city subsidies and whose annual revenue is greater than $5 million.
In his testimony last week, Tokumbo Shobowale, chief of staff to the deputy mayor for economic development, argued that 'incentive programs have been created specifically to encourage investments in job-creating projects in neighborhoods where these kinds of investments have not historically been made.'
'The effect of this bill would be to act as a disincentive to those investments," he continued. "Instead of making it easier to create jobs, this wage mandate would make it harder.'"