Half of All US Restaurants Are Struggling With Rising Labor Costs
15th January 2020
In the one year since New York City implemented a mandatory $15 minimum wage, businesses have been struggling with the increased labor costs, Fox News reported previously. “They’re cutting their staff. They’re cutting their hours. They’re shutting down,” said Queens Chamber of Commerce president, Thomas Grech – who reports seeing an uptick in small business closures over the past six to nine months. “It’s not just the rent.”
Bronx Chamber of Commerce president Lisa Sorin notes that the increase has hurt small businesses the most, while Manhattan employers and their customers can afford to pay more to compensate. “It’s almost like a whirlwind of keep up or get out,” she said.