That, you know, that the future is going to look different. And i think its going to look less Small Business, a lot bigger business. You know, i dont think that and i think a lot of these people that are going to benefit are, in fact, going to move out of the city and be people that come in from the outside. So, its unfortunate that San Francisco ultimately will not benefit from this rise in minimum wage in a way that we would hope. Thank you. All right. Commissioner toursarkissian. Thank you, mr. Eagan. I have a question about the remi simulation. Im referring to your slide number 19, which you report that an estimation of 1500 15,270 private sector jobs will be lost by 2019. First, i would like you to explain to me what the remi simulation is and whether it takes into account into account all the increases in cost of operation in the city, benefits, sick leave, that may not have been in place in 2004 that are in 2014 or 2014 to 2019. Curious to find out whether that was included as
That are in 2014 or 2014 to 2019. Curious to find out whether that was included as well, could have further increased the loss or simulation loss of jobs. So, the remi model is basically a system of economic equations, several hundred economic equations that are set up in which some of the variables in these equations are policy variableses. Theyre things that our government might want to change, or the things that a government might want to change would affect these things. Labor costs, the average Compensation Rate for industries, are the policy are among the policy variables. In the remi model, those are the ones that we changed in this particular simulation. When he we talk about employment effects with remi, were always talking about the difference between a baseline projection in which the policy doesnt happen and how the economy would evolve differently if you make the changes in the policy variables that were talking about. So, the 15,000 starts in 2015. Its based on an identic
Remi simulation. Im referring to your slide number 19, which you report that an estimation of 1500 15,270 private sector jobs will be lost by 2019. First, i would like you to explain to me what the remi simulation is and whether it takes into account into account all the increases in cost of operation in the city, benefits, sick leave, that may not have been in place in 2004 that are in 2014 or 2014 to 2019. Curious to find out whether that was included as well, could have further increased the loss or simulation loss of jobs. So, the remi model is basically a system of economic equations, several hundred economic equations that are set up in which some of the variables in these equations are policy variableses. Theyre things that our government might want to change, or the things that a government might want to change would affect these things. Labor costs, the average Compensation Rate for industries, are the policy are among the policy variables. In the remi model, those are the one
All right. Commissioner toursarkissian. Thank you, mr. Eagan. I have a question about the remi simulation. Im referring to your slide number 19, which you report that an estimation of 1500 15,270 private sector jobs will be lost by 2019. First, i would like you to explain to me what the remi simulation is and whether it takes into account into account all the increases in cost of operation in the city, benefits, sick leave, that may not have been in place in 2004 that are in 2014 or 2014 to 2019. Curious to find out whether that was included as well, could have further increased the loss or simulation loss of jobs. So, the remi model is basically a system of economic equations, several hundred economic equations that are set up in which some of the variables in these equations are policy variableses. Theyre things that our government might want to change, or the things that a government might want to change would affect these things. Labor costs, the average Compensation Rate for indus
This spring on some of these industries, the percentage of workers for example in the Restaurant Industry is as high as its ever been exciteding 75 . We would completely grape for those workers who dont live in San Francisco and who commute in, their minimum wage increase creates economic expansion primarily from where they live and not for the city of San Francisco. ~ agree any other commissioner comments . Commissioner dwight . Id say a lot of what we currently know is its too early to tell. Lots of people are on leases that are going to come due. Were seeing that in the business sector. Im quite sure thats true in the residential sector. So, i dont think weve seen the full impact of the increase in real estate prices for residents or businesses just yet. I know anecdotally as leases are coming up in the business sectors, Small Business sectors that were familiar with, the rent increases are double if not triple digits. And that is also the case in nonrent controlled apartments. So,