The measure would require businesses receiving city money to pay more than the mandated minimum wage.
Supporters say the bill will put more money in the pockets of hard-working families, while opponents say the costs are too great and it would help no one.
"[The measure] 251-A, referred to as the 'Living Wage' by proponents is really a no-wage," said Manhattan Chamber of Commerce President Nancy Ploeger. "In city after city, wherever wage mandates have been tried, the very people who are supposed to benefit are hurt the most. The opposition is broad and deep in New York City across the boroughs."
The city's Economic Development Corporation commissioned a study which found that while there would be wage gains for some workers, the legislation could cause other New Yorkers to lose their jobs.
Bronx Councilman Oliver Koppell who is sponsoring the bill says that study is flawed.
The measure goes before the City Council on Thursday.