California is first state to approve $15 minimum wage

California has become the first state in the nation to approve a statewide $15 minimum wage.

Both the State Assembly and State Senate passed the measure on Thursday afternoon. Governor Jerry Brown said he would sign it on Monday. 

"No one who is working full time in California should live in poverty due to a low wage," said Democratic State Senator Mark Leno, who cosponsored the bill. 

The measure will raise the state's minimum wage to $10.50 in January and to $11 in January 2018. It will then increase by an additional $1 per hour every year until it reaches $15 in 2022. If, however, the state goes through an economic downturn or budget crisis, the governor may choose to slow the implementation. 

The final bill gives small businesses, with 25 or fewer employees, an extra year to implement the increases. 

Related: New York seals deal on $15 minimum fast food wage

About 5.6 million Californians, or about 32% of the state's workforce, currently live on the minimum wage, according to Kevin De Leon, the president pro tempore of the state senate. 

Los Angeles has already agreed to increase the minimum wage to $15 per hour by 2020, making it the largest city in the nation to do so. San Francisco plans to reach a $15 minimum by 2018. And other major California cities, including San Diego and Oakland, have raised their minimum wages as well. 

Related: LA largest city in America with $15 minimum wage

Setting a minimum wage at $15 has plenty of critics. 

"California may be the first state to pass a $15 minimum wage, but it will also be the first to find out why that's a bad idea," said Michael Saltsman, research director of the Employment Policies Institute, a conservative think tank opposed to minimum wage hikes. He argues that many businesses will have to cut staff or close because of the deal. "This pain from a $15 minimum wage will only be exacerbated in more troubled counties in the state." 

Related: What you need to know about the minimum wage

California's current statewide minimum wage of $10 per hour is already among the highest in the country. It's tied with Massachusetts and is second only to Washington D.C., which has a $10.50 minimum, according to the National Council of State Legislatures. 

New York lawmakers also made a minimum-wage move Thursday. Gov. Andrew Cuomo and the state's legislative leaders in Albany announced they have come to an agreement that will eventually raise the state's minimum wage to $15 for everyone. New York state already requires large food franchises to pay at least $15 per hour. 

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Welcome to Eucalyptus Hills! This custom built home has dream views and over 2 acres of useable land. Zoned for animals you can have your own chick coop, goats, or even horses here! The home features upgraded kitchen with new granite counters, stainless steel appliances, custom tile back splash, and new cabinets. The kitchen flows into the living room for ease of entertaining. Living room features stone fireplace, 60in Pioneer Kuro Plasma with surround, two double doors to the back yard and big windows to take full advantage of the views.  The master bedroom has a walk-in closet, attached bathroom suit, and double doors to the back yard. Eucalyptus Hills is known for its views of mountains, san vicente dam, and out door activities. San Vicente Dam is only 7 miles away. 

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10 Things You Absolutely Need To Know About Buying A Home

Ready to buy a home? Buying a home is one of the most significant financial decisions you’ll make in your lifetime. From figuring out pricing to why you should consider a realtor, here are 10 Things You Absolutely Need To Know About Buying A Home:

1. Use a trusted realtor. We all know that realtors get a cut of the sales price of a home which makes some buyers hesitant to use a realtor: they believe it drives up the overall cost. Keep in mind that the seller, not the buyer, pays the commission. Cory Wilcox, real estate agent at Keller Williams in San Diego, says that potential buyers should keep in mind that a listing agent (the agent representing the seller) doesn’t protect your interests and “that agent would simply pocket both sides of the commission.” That means that you’re not saving money. A savvy realtor who works for you can protect your interests and guide you through the buying process – from negotiating a price to navigating home inspections.

2. Remember that a house purchase involves a contract. When you’re buying a house, there are papers to sign. And more papers to sign. Many of those papers – which are actually contracts – look like “standard” home buying contracts with no room for negotiation. That isn’t true. Contracts are meant to be negotiated. You don’t have to sign a standard agreement. If you want more time to review your inspection, wish to waive a radon test or want to make a purchase subject to a mortgage approval, you can make that part of the deal. That’s where a savvy realtor can help. See again #1.

3. Don’t necessarily buy for the life you have today. Chances are that buying a house will be one of the bigger financial commitments you’ll make in your lifetime. Before you agree to buy what you think might be your dream house, consider your long-term plans. Are you planning on staying at your current job? Getting married? Having kids? Depending on the market and the terms of your mortgage, you may not actually pay down any real equity for between five and seven years: if you aren’t sure that your house will be the house for you in a few years, you may want to keep looking.

4. Think about commitment. I’m not talking just about your mortgage. When you get married, the laws of your state generally determine how your assets are treated – and ultimately how they’re distributed at divorce. The same rules don’t necessarily apply when you’re not married. That means you need to think long term. When you buy a house with your significant other who is not your spouse, make sure you have an exit plan if things don’t go the way you hope. It’s a good idea to have an agreement in place with respect to titling, mortgage payments and liability, repairs and the like: it’s best to get it in writing (and yes, I’d recommend getting a lawyer).

5. Look beyond paint. It’s often the case that your dream house has that one room that you’re already fantasizing about changing. Willmes says to remember that it’s fairly inexpensive to fix cosmetic issues (a bit of paint or some wallpaper) but making changes to kitchens and baths can be expensive. She says, “People tend to focus on the cost of cabinets, appliances and counters but sometimes forget about the cost of labor which can double to triple the cost.” That doesn’t mean that you should give up on a house in need of a significant fix but you should factor in those costs when determining whether you can afford to buy.

6. Buy the house you know that you can afford. This can be different from the price that your mortgage company believes that you can afford. When my husband and I bought our first house, we were approved for a mortgage of about three times more than we ultimately ended up spending. Fresh out of law school and working for established firms, our finances looked good on paper. But we dialed back our expectations because we weren’t convinced that our income and expenses would remain at those levels. We were right: two years later, we started our own business just as the economy turned south. The less expensive house meant that we could still make our payments even with less income in pocket. So what’s the best ratio to use? Some lenders suggest that you can afford mortgage payments totaling about 1/3 of your gross income but others suggest closer to 28% for housing related costs including mortgage, insurance and taxes. There are a number of factors including your projected income, interest rates, type of mortgage and the market. Ask your mortgage broker to help you understand what’s in play.

7. Don’t fixate on the purchase price. The purchase price is just one piece of owning a house: be sure to consider all of the costs associated with your potential new home. That includes the cost of insurance, homeowner association fees and real estate taxes – depending on where you live, those can quickly add up. And it’s not just home improvements that can cost money: maintenance costs dollars, too. It’s a good idea to ask questions about upkeep for extras like swimming pools, fancy heating and cooling systems and out buildings. Finally, Willmes suggests that you make sure you’re comparing apples to apples: a condo with a large fee that’s priced low may be more costly than a higher priced one with lower fees while a cheap home with high taxes may cost you more a month than a more expensive one with lower taxes.

8. Consider your student loan debt. Following the housing crisis, lending laws tightened. Student debt isn’t merely an annoyance: it’s treated like real debt. Aleyna Groves, a licensed Mortgage Broker at Movement in Ca, explains that a major revision to FHA guidelines in 2015 negatively affects many first-time homebuyers with student loan debt. Prior to this change, a borrower with student loans deferred for more than 12 months could discount that debt from their liabilities: now, for purposes of determining purchasing power, a borrower is charged with 2% of the outstanding balance of the student loan regardless of deferment status (in a non-FHA, or conventional loan, it’s just 1%). If your student loan is in deferment and you’re planning on buying a home, Griesser suggests enrolling in a properly documented income-based repayment plan so you have the documents your lender will need to properly assess your ongoing liability.

9. Don’t get carried away by the home mortgage interest deduction. Many taxpayers are tempted to buy more house than they can afford by figuring that they’ll save enough with the home mortgage interest deduction to make up for it. The mortgage interest deduction is only deductible if you itemize on your Schedule A: only about 1/3 of taxpayers claim the itemized deduction. You itemize if your deductions exceed the standard deduction: for 2015, the standard deduction rates are $12,600 for married taxpayers filing jointly and $6,300 for individual taxpayers (those rates stay put for 2016). Assuming that you do itemize, remember that your out of pocket will still be more than your tax savings (if you’re in a 28% bracket, paying $5,000 more in interest will only “save” you $1,400 in taxes). And you can’t count on the same level of savings forever: mathematically, the longer you own your house, the less you will owe in interest. That’s good for building your equity but it means a smaller deduction come tax time.

10. You don’t have to buy a house. There’s no rule that says you have to buy a house by the time you’re 35 – or ever. Buying a home is a big decision and while it can be a sound financial investment, it’s not for everyone. There is a lot to consider, including the housing market, interest rates, timing and your future plans. You might want more flexibility or mobility, or your career and family plans may be in flux. If you’re not sure about a neighborhood, consider renting as a test drive: a realtor can help you with that, too (see again #1). Even then, you don’t have to pull the switch: there are healthy rental markets throughout the country and in some areas, young professionals are choosing rentals over homebuying to preserve cash and remain mobile. That’s showing in the stats: last year, the U.S. Census Bureau reported that the home ownership rate was 64.9%, not counting borrowers in risk of default. In contrast, ownership in 2010 was nearly 69% (downloads as a pdf): for purposes of context, a one-percent change in the ownership represents well over a million homeowners. For more on the decision to buy versus rent, check out my book, Home, Sweet Rental: Busting The Hype Of Homeownership, available on Amazon.

The Cheapest And Most Expensive San Diego Neighborhoods for Rent

San Diego rent prices continued to steadily increase across multiple bedroom types this September. The city maintained its place as the 11th most expensive market in the US to rent, inching ever closer to 10th place Seattle. One bedroom median rents jumped 2% to $1,540 alone last month, and are now up 7.7% in the past trailing year, while two bedrooms were also up 2.4% to $2,100.

Such increases have put San Diego ahead of Portland, Denver, and Philadelphia in our latest October National Rent Report, which details rent trends across the 50 largest cities in the United States.

Looking at the map above, the most expensive San Diego areas to rent this fall include Coronado ($2,600), East Village ($2,170), and Little Italy ($2,040). More affordable finds in the $900-$1,200 range can be seen in areas such as Oak Park, Burlingame, and El Cerrito.

If you’re interested in seeing how San Diego stacks up to the rest of the United States, view our National Rent Report for October, which analyzes over 1 million active listings available in the prior month.

To keep up to date with rent changes across the country, like or follow us on Facebook, Twitter, or Pinterest. In the market for a new place? Search over 2,350 San Diego apartments on Zumper.

The most expensive Los Angeles home sales of 2015

Liongate, the Bel-Air estate once home to singer Kenny Rogers, sold for $46.25 million. - 

The Los Angeles Times has rounded up the 10 most expensive single-family homes sold in the greater Los Angeles area from Jan. 1 to Dec. 31, according to Propertyshark. 

$60 million — Malibu Producer Marcy Carsey sold her Malibu beachfront estate to Interscope Geffen A&M Chairman Jimmy Iovine. The 2.2-acre compound includes a 2,500-square-foot main house on a bluff, two guest houses, a cottage near the sand, a swimming pool and a tennis court. 

$59.36 million — Holmby Hills The Singleton House, a Holmby Hills estate estate built for Teledyne co-founder Henry Singleton, sold in April. The 15,520-square-foot home opens to a grand entry with an oval foyer. Formal areas, a wood-paneled study, 10 bedrooms and 12.5 bathrooms are within the Southern Colonial-style house. 

$50.5 million — Malibu An oceanfront compound in Malibu’s Encinal Bluffs area sold in an off-market exchange involving a pair of blind trusts. While details are scarce, tax records indicate show multiple structures including a four-bedroom main house and two guest cottages. A tennis court and a swimming pool are within grounds of about six acres. 

$47.85 million — Bel-Air Guess Jeans co-founder Maurice Marciano sold his 2.7-acre estate to hotel and casino magnate Steve Wynn for $47,851,500 in August in an off-market deal. The 19,299-square-foot contemporary-style mansion has eight bedrooms and 13 bathrooms, according to tax records. A large motor court, tiered patios, large expanses of lawn and a swimming pool and spa sit within the hedged and gated grounds. 

$46.25 million — Bel-Air Liongate, the Bel-Air estate once home to singer Kenny Rogers, sold to philanthropists James and Eleanor Randall. The mansion was rebuilt and expanded in 2013 and has 11 bedrooms and 15 bathrooms in nearly 24,000 square feet of interiors. Among amenities are three living rooms, a 12-seat theater and a master suite spanning 3,000 square feet. A glass elevator leads to a formal ballroom. 

$44 million — Malibu Investment banker and politician Jack Ryan sold a compound to a nondescript limited liability company in March in another off-market sale in Malibu. The estate includes an unfinished Traditional-style main house and a pool house totaling 12 bedrooms and 12 bathrooms in about 13,000 square feet. 

$38 million — Bel-Air The Mediterranean-style Westside mansion on nearly two acres in Bel-Air was once owned by Georgia Frontiere, the late St. Louis Rams owner responsible for moving the football franchise from the Southland to St. Louis in 1995. The two-story villa includes a home theater, a library, a bar, an art studio and a wine cellar. A total of 10 bedrooms and 15 bathrooms are within 17,700 square feet of living space. 

$36 million — Beverly Hills The onetime 90210 address of Detroit Pistons owner Tom Gores came to market in September for $43.5 million and ultimately sold for $36 million — the most expensive sale of a publicly listed home in Beverly Hills in 2015, public records show. The 14,422 square feet of living space features eight bedrooms, 11 bathrooms, inlaid marble and walnut floors, coffered ceilings, custom millwork and seven antique fireplaces.. 

$34.5 million — Bel-Air In June, the estate of late radio and television personality Art Linkletter quietly changed hands in an off-market deal. Mortgage documents later revealed the buyer to be Canadian billionaire and Edmonton Oilers owner Daryl Katz. The nearly five-acre property features views on the surrounding canyons, Century City and downtown L.A. 

$32.67 million — Beverly Crest Following on the heels of brother Maurice’s sale in Beverly Hills, Guess co-founder Armand Marciano sold his Beverly Crest-area estate. The Mediterranean-style mansion has 10 bedrooms, 10 full bathrooms and 12 powder rooms/bathrooms in nearly 25,000 square feet of living space. Three floors of living, designed for large-scale entertaining, include a professional screening room, a wine cellar, a game room and an elevator.