By Mark J. Perry

New York City businesses have been struggling with higher labor costs brought about by the new $15 an hour city minimum wage that went into effect at the end of last year for “large employers” of 11 employees or more. That’s the third minimum wage increase in three years, and is an increase of more than 36 percent over the last two years from the $11 an hour minimum wage at the end of 2016, and a whopping increase of 107 percent since 2013 when the minimum wage in New York State (and NYC) were determined by the federal minimum of $7.25 an hour.

The current state minimum wage outside of NYC is $11.10 an hour, so employers in the city are faced with paying a large 35 percent wage premium compared to their counterparts outside of the metro area for low-skilled workers. And it’s having a devastating effect on the city’s small businesses and restaurants.

Here are some of the recent news reports on the fallout from New York City’s $15 an hour minimum wage:

1. New York City Businesses Struggle to Keep Up After Minimum Wage Increase

Thomas Grech, president of the Queens Chamber of Commerce, said he has seen an uptick in small-business closures during the past six to nine months, and he attributed it to the minimum-wage legislation. “They’re cutting their staff. They’re cutting their hours. They’re shutting down,” he said. “It’s not just the rent.”

2. New York City’s $15 Minimum Wage Is Now Officially a Disaster

Roughly 77 percent of NYC restaurants have slashed employee hours. Thirty-six percent said they had to layoff employees and 90 percent had to increase prices following the minimum wage hike, according to a NYC Hospitality Alliance survey taken just one month after the bill took effect.

3. Not A Surprise: New York City $15 Minimum Wage Leads to Layoffs, Fewer Hours, And Slow Growth