Report: New York City wage hike could kill 13,000 jobs

The New York Post reports:

The Bloomberg administration is releasing a controversial report this morning that shows a mandated wage increase would kill jobs - a jab at a growing coalition trying to pass a bill requiring a pay increase in the city.

The study projects that between 6,000 and 13,000 "low-skilled jobs" would be lost if the City Council were to pass a bill requiring an hourly wage increase for companies receiving at least $1 million in city subsidies. Most jobs would be lost in the outer boroughs.

Bloomberg is squarely against the bill, which would require a base wage of $10 an hour plus benefits, or $11.50 an hour, for employees whose companies received at least $1 million in city subsidies. Many projects would be automatically exempt, such as manufacturing companies and non-profits.

Many , in NYC, don't grasp that the demand for labor is a downward sloping curve.