NYC’s Restaurant Industry Outperformed Rest Of US After Raising Minimum Wage
New York City’s restaurant industry raised its minimum wage to $15. Afterwards, the city saw its restaurant industry have more job growth and more expansion than anywhere else in the U.S. according to Business Insider. These results were found by a study by researchers at the New School and the New York think tank National Employment Law Project.
The study found that no negative effects came from the increased minimum wage. James Parrott, a director of economic and fiscal policies at the New School and an author of the study, said that the wage increase was the largest one "for a big group of low-wage workers since the 1960s."
This report comes contrary to theories that a higher minimum wage would be bad for business. Congressional economists said that 1 million jobs would be lost by a federal wage increase.
The study said, “New York City’s restaurant industry has flourished overall.”
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