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Ehhhh. I don't disagree for a second that, say, Starbucks could take a hit, reduce profits and still be able to operate successfully in New York. But I'd argue
by afavour 4y ago
Ehhhh.
I don't disagree for a second that, say, Starbucks could take a hit, reduce profits and still be able to operate successfully in New York. But I'd argue a lot of what makes New York the city it is is things like small independent restaurants that already operate on very thin margins. They also have no fat cat executives pocketing the spoils.
So, perhaps, yes, the city could survive without increasing wages but I worry it would result in a very faceless city filled with nothing other than big corporate entities that are able to swallow the cost.
- GaylordTuring 4y ago…which in turn would make people less inclined to go there, driving the costs down, making it possible for the small shops to come back.
- bombcar 4y agoI’m surprised that Walmart et al haven’t started pushing for higher wages to kill competition- they must not care much about the smaller competitors. McDonalds and Starbucks eat a wage increase in stride, small restaurants and businesses just go under.
- dml2135 4y agoIt's because any potential of increased profit from less competition would still be less that the amount of profit they make by fleecing their workers.