Is profit the ultimate objective of every human activity? Isn't it enough that the minimum wage raise has helped employees better their living conditions even if at maybe a cost in employer profits?
Restaurants are notoriously low margin and owner-operator endeavors. So more often than not, the first person that doesn't get paid is the owner, who sinks hour after hour into the place to try and keep the doors open. But eventually the owner has to pay their own mortgage, car payment, etc.
So while profit may not be the ultimate objective of every human activity, it is essential if you want to stay in business. And if you don't? Your workers find out the hard way that the real minimum wage is $0.