NYC's Economic Development Corporation defends living wage report

EDC released a statement in response to the criticism it's received over a new report on a proposed living wage bill. The statement:

It should come as no surprise that some stakeholders are disappointed with the findings, but the opponents seem to be denying the basic economic fact that when something -- even labor -- costs more, people buy less of it. Higher wages would mean fewer jobs, particularly in a down economy.

One of the main criticisms of the report doesn't reflect any of the proposed changes to the original legislation. So far, EDC hasn't responded specifically to those comments.