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Anecdotally I have to agree. Having lived in Manhattan for the past decade, I have seen more restaurants close in the last two years than the previous eight. Mo
by arzt 7y ago
Anecdotally I have to agree. Having lived in Manhattan for the past decade, I have seen more restaurants close in the last two years than the previous eight. Most of lower Manhattan's retail footprint is filled with chains (Starbucks etc) rather than neighborhood restaurants.
- nickdoesdesign 7y agoThats a factor of rising rents not rising wages. Its been well documented that rent seeking is causing this behavior.
- kiba 7y agoIf you have to pay something ridiculous like 13k a month, I am sure you go out of business too.
- BubRoss 7y agoIf I had to pay that much in rent, I wouldn't go into business.
- thawaway1837 7y agoSo restaurants which have the lowest margins (chains) are proliferating but restaurants with higher margins are failing. That seems to indicate that worker pay isn’t really the issue here. And it’s well known the reason restaurants are closing shop is almost because of outrageous rents.