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"The $15 minimum wage was supposed to hurt New York City restaurants — but both revenue and employment are up" https://www.marketwatch.com/story/the-15-minimum

• arkades 7y ago
  Yes. It’s not hard to find anecdotes about dying restaurants in NYC - the turnover is incredibly high. Nor is it surprising that some restaurants relied more heavily on large quantities of cheap staff than others did. I have little sympathy for the restaurant though. “I’d love to pay my employees 1000$/hr, but our margins are down from 12-15% to 8-10% because we are now paying 15 instead of 8” is more or less direct quote from the article. That’s not “going out of business”, that’s “we are more profitable than the average hospital, ... those servers are making too much”.