California restaurant owner says fast food wage hike costing him $470K, warns prices could go up 'immediately'

California's new minimum wage legislation is now in force. As of April 1, the Golden State has raised the minimum wage for employees at fast food restaurants to $20 an hour, aiming to improve the living standards of this specific workforce segment.

For restaurant owners, though, this change can be costly.

Don't miss

• 'It's not taxed at all': Warren Buffett shares the 'best investment' you can make when battling rising costs — take advantage today

• Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that. Here's how you can save yourself as much as $820 annually in minutes (it's 100% free)

• Jeff Bezos told his siblings to invest $10K in his startup called Amazon, and now their stake is worth over $1B —