Ridgewood NJ, Ridgewood’s restaurants, the only draw left in the CBD with the digital-led demise of retail are about to be washed over by the same thing that is drowning NYC restaurants.
Now with the money losing garage ($1m/year) on the way bringing higher parking fees for diners and eaters alike, the village and the Dems they elected will not just kill the goose that laid the golden egg, there will be no one left to cook or serve it.
“December 2018 restaurant jobs were down by almost 3,000 (and by 1.64%) from the previous December,” wrote economist Mark Perry, “and the 2.5% annual decline in March 2018 was the worst annual decline since the sharp collapse in restaurant jobs following 9/11 in 2001.”
Perry says this “restaurant recession” is likely the result of the series of mandatory wage hikes that brought the city’s minimum wage to $15 an hour.
New York’s experience is noteworthy since numerous states have passed or are in the process of passing a $15 pay floor. Illinois and New Jersey recently passed laws mandating a $15 minimum wage—they will be phased in over several years, similar to New York’s law—joining California, Massachusetts, and of course New York.