Minimum Wage for SoWal???

[beachmouse]

It's not so much the relocation/living expenses for the rocket scientists down here. It's just a pretty limited employee pool when you're looking for someone with five to ten years direct weapons develoment experience and top secret clearance.

A family friend is a missle development guy on the base. Over the years, he's gotten much amusement from using the line "Well actually I am a rocket scientist."

 

[SHELLY]

It's not so much the relocation/living expenses for the rocket scientists down here. It's just a pretty limited employee pool when you're looking for someone with five to ten years direct weapons develoment experience and top secret clearance.

I guess they'll have more luck filling the slots when they relocate to Calif--there are lots more "space cadets" out that way.

 

[SHELLY]

Any employer in the construction industry would love to hire hard working, dependable, honest and legal workers, but workers of this description do not exist. Also, every penny of profit that an employer makes is taxed. An employer cannot deduct an illegal employee's wages so the employer ends up taking the hit somewhere.

Thanks for reminding me to light a candle tomorrow at church for the poor contractors who are "forced" to pay illegals $10 per hour under the table to build $70,000 condos they sell for $350,000. Sometimes life is just so damn unfair.

 

[Camp Creek Kid]

Thanks for reminding me to light a candle tomorrow at church for the poor contractors who are "forced" to pay illegals $10 per hour under the table to build $70,000 condos they sell for $350,000. Sometimes life is just so damn unfair.

My post was in response to Beachsteelers post about not being able to find a decent construction job because illegals get paid $5/hour. This is not true. Illegals get paid more than that, they're not flooding the market with CHEAP labor, they pretty much are the only labor available. A legal worker who would actually work and be dependable would be very valuable to any employer and would get paid accordingly. It is a myth that illegal workers are taking jobs from legal workers.

Your numbers on construction are low. Try a minimum of $150/sq. ft. for construction costs alone then add to that land costs, interest, realtors commissions and you'll be closer to the mark.

 

[Mango]

Presently, I am not about to calculate the salary needed for a mid-level manager who wants to buy the starter home, costing $300K in SoWal. If someone else wants to do so, be sure to include the cost of homeowner's insurance and taxes. The calculation is easy, but most of you will freak out when you see the minimum salary needed.

This would be too difficult to calculate due to all the variables involved.
How much money is this person putting down on the house? Most mid-level management people would have most likely already owned a home already or have saved some money for a down-payment. Further, what industries out there are employing middle managers? From what I have seen in the past couple of years of owning there in SoWal is either the business is run by an owner and they are employing service workers.(or trying to anyway)
Anyone who has enough business acumen does not stay working very long for anyone else. This is what I have heard from our landscapers, pool people etc., who I believe would fit your definition of service worker?

 

[Mango]

Great article Shelly.

I think it can be very helpful to see how other municipalities are dealing with similar issues.

I found two points within the article very interesting:

1) The push for 'Inclusionary Zoning' laws which require developers to include affordable housing in developments.

2) That FL has a 'housing trust fund' intended to build and/or preserve affordable housing and that Gov. Jeb Bush has rountinely raided this fund to help balance his budgets instead of using the money for its intended purpose.

Has our discussion on minimum wage lead us to a discussion about 'Inclusionary Zoning'?

I agree with UT. However, I don't think inclusionary Zoning would work in SoWal right now with a 50 ft height restriction. Further, owners of homes in SoWal wiould most likely not want huge projects in the area.

I think a possible solution could be North. Allow developers to build their single family home developments, and give them tax incentives for building high rises that can be offered as rentals or coops for sale. In New York, developers are given huge tax breaks for developing affordable housing. They are also given tax abatements as well. Not sure if anyone is familiar with coops as they are not popular in Florida, but they are huge here in New York. Basically you own your apt. and shares in the corporation. They are a much more affordable solution for people vs. fee simple ownership. Further, quite a few people start out in coops, then rent them out, and move to single family homes as their careers progress. In some buildings that have not converted to coop, the original developers have to cap the rents as per law (rent controlled)

 

[Allifunn]

I agree with UT. However, I don't think inclusionary Zoning would work in SoWal right now with a 50 ft height restriction. Further, owners of homes in SoWal wiould most likely not want huge projects in the area.

I think a possible solution could be North. Allow developers to build their single family home developments, and give them tax incentives for building high rises that can be offered as rentals or coops for sale. In New York, developers are given huge tax breaks for developing affordable housing. They are also given tax abatements as well. Not sure if anyone is familiar with coops as they are not popular in Florida, but they are huge here in New York. Basically you own your apt. and shares in the corporation. They are a much more affordable solution for people vs. fee simple ownership. Further, quite a few people start out in coops, then rent them out, and move to single family homes as their careers progress. In some buildings that have not converted to coop, the original developers have to cap the rents as per law (rent controlled)

What is the difference between coop and condo?

 

[Mango]

What is the difference between coop and condo?[/QUOTE

Coops are Shares in a corporation that owns the building. Proprietary Lease establishes occupancy terms. No recording of a deed or central recording of sale information.A Group of residents, mostly owners, that have the right to accept or reject applicant owners or tenants. Not appealable. Maintenance - Monthly payment that consists of building upkeep, real estate taxes and payment of the underlying coop loan, generally from when the building was converted to a coop from a rental building. In most cases 40% to 60% of the maintenance is tax deductible. Real Estate Taxes - Included in Maintenance. Some buildings have abatements that do run out and thus increase taxes later on.Prospectus / Black Book / Offering Plan and Amendments - Outline the terms of the original coop offering and amendments update along with rules of the buildingFinancials - Prepared Yearly by outside accountant to determine financial status and profitability of the coop.
Management Company - Outside company that collects maintenance, operates the building, maintains records. Smaller building may be "self managed by the occupants / owners.Financing - Certain coops have financing restrictions (down payment minimums, income minimums, etc.).
Sublet / Renting - Generally require board approval. Certain boards do not allow subletting or place limit on the sublet (2 year maximum, 1 year minimum, etc.) Sale - Certain coops have a transfer fee / flip tax that each coop seller must pay back to the coop upon sale of the unit

CONDO: Condominiums
orm of Ownership - Deed that is recorded at the county clerk's. Transferable as any other house or property.
Board Approval - 99% of the time not required.
Common Charges - Monthly payment that consists solely of building upkeep.
Real Estate Taxes - Each individual owner pays their own on each unit.
Prospectus / Black Book / Offering Plan and Amendments - Outline the terms of the original offering and amendments update along with rules of the building.
Financials - Prepared Yearly by outside accountant to determine financial status and profitability of the condo association.
Management Company - Outside company that collects maintenance, operates the building, maintains records. Smaller building may be "self managed by the occupants / owners.
Condo Attorney - Generally non existent.
Financing - Only restrictions are lender required.
Sublet / Renting - Generally no restrictions.
Sale - No restrictions. Generally no costs.

Coops are generally less expensive than condos due to the tax abatements on the land by the City. Also, some coops have commercial storefronts that help with lowering the monthly maintenance for the owners.

 

[Bud]

as soon as i myself become employed again, i will be sure to tip, but for now may I just be a muse??? ...................lwp

 

[cpete]

Just spent most of my lunch time and then some reading this thread!

Very interesting stuff, having spent a portion of my post college years cleaning condos and answering phones to get in 50 plus days on the snow at a quaint little ski resort town near Gunnison, Colorado back in the 90?s.

It seems like you need a large entrepreneurial, family that doesn't mind working together to make a go of it. But I guess even then the kids grow up.