ALBANY, N.Y. (CBSNewYork) — New York City should have the power to set its own minimum wage, city Comptroller Scott Stringer told legislators in Albany on Monday.

As WCBS 880’s Rich Lamb reported, Stringer wants the city’s minimum wage raised to $11 an hour. The state minimum wage is $8.

“That would help a lot of struggling working families and pump $2 billion into our economy,” he told Lamb.

Stringer added that an increased minimum wage would recognize the higher cost of living in New York City.

Stringer insisted that the city would not lose businesses if the wage floor in raised.

“There’s absolutely no correlation between losing businesses and raising the minimum wage,” he said. “In fact, I would argue quite the opposite. If we would have pumped $2 billion into the economy because we increased wages, well, that’s money that’s going to be used in local businesses, local stores.”

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