How exactly would they absorb the costs? Most of them aren't even turning a profit as it is
Edit: Not sure why the downvotes. I support the ordinance, minimum wages are great. But the cost is obviously going to the customers, where else would it go?
They don’t need magic the money out of anywhere, they already have it. They just have to want something other than to exploit whatever they can for profit, which is something they won’t consider.
By decreasing billionaire executive bonuses, of course. You realize apps like Uver give shitty pay to the drivers and keep most of the profits for the execs, don't you?
A price cap seems to be based on the premise that not having a service at all is better then having it be too expensive. I find that idea very questionable.
Replace that price cap with a wage cap for the people at the top that is based on the wages of everyone else in the company and companies it contracts (to avoid the obvious loophole as well as giving an actual mechanism for "trickle down").