New York City is considering setting the minimum wage at $30 per hour, a move that could hinder growth, create layoffs, and increase prices. The bill includes businesses and franchises that employ over 500 people that pay $20 an hour, $23 in 2028, $26 in 2029, and $30 by 2030. The increase would include a cost-of-living adjustment and yearly increases that account for inflation. The New York State Restaurant Association has warned of potential price increases due to the potential increase. Food delivery drivers who make $21.44 under other regulations are not affected, so 1.68 million workers could see an increase. The potential increase in wages could result in higher prices and higher unemployment rates.