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Columbia Business School adjunct professor Stephen Zagor spoke with CNBC reporter Kevin Williams about how New York City’s proposed minimum wage increase could affect small businesses and the broader economy. Zagor explained that while higher wages can improve workers’ quality of life, they also create substantial cost pressures for restaurants and other service-sector businesses operating on thin margins. He noted that owners may respond by raising prices, reducing hours, or restructuring operations—changes that could ripple through the city’s labor market and consumer landscape.
