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The recent rise of sub-national minimum wage (MW) policies in the US hasresulted in significant dispersion of MW levels within urban areas. In thispaper, we study the spillover effects of these policies on local rental marketsthrough commuting. To do so, for each USPS ZIP code we construct a "workplace"MW measure based on the location of its resident's jobs, and use it to estimatethe effect of MW policies on rents. We use a novel identification strategy thatexploits the fine timing of differential changes in the workplace MW across ZIPcodes that share the same "residence" MW, defined as the same location's MW.Our baseline results imply that a 10 percent increase in the workplace MWincreases rents at residence ZIP codes by 0.69 percent. To illustrate theimportance of commuting patterns, we use our estimates and a simple model tosimulate the impact of federal and city counterfactual MW policies. Thesimulations suggest that landlords pocket approximately 10 cents of each dollargenerated by the MW across directly and indirectly affected areas, though theincidence on landlords varies systematically across space.

From Workplace to Residence: The Spillover Effects of Minimum Wage Policies on Local Housing Markets