On the heels of California announcing its plan to raise their minimum wage to $15 an hour, the American Action Forum (@AAF) today released a jobs impact analysis. The AAF analysis found that the $15 an hour minimum wage will cost the state almost 700,000 jobs.

“Raising the minimum wage may sound appealing, but it is important to understand that it does have a cost. Unfortunately, the low-wage, low-skill workers who labor advocates want to help are the very workers who tend bear this cost, as thousands would be unable to maintain their current job or attain a new one. Moreover, the evidence is right in front of us: in 2015 cities that began implementing minimum wage increases experienced a substantial decline in restaurant employment growth,” said Ben Gitis, AAF’s Director of Labor Market Policy.

Click here to read the research.