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The new minimum wage will be a world wide phenomenon, and 95% of Americans who have not amassed enough capital to live off the income, and a fully paid for place to live, can expect their standards of living to plummet. We are returning to the serfs and nobles of the early Middle Ages. One might also expect the value of real estate to drop like a rock too, except for one thing....
Those in the top .1% abroad will buy their summer/seasonal homes here, so high end resort areas will boom, or at least not lose value. Likewise primo cities, like San Francisco.
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