Obama inherited the result of Clinton’s poor financial decisions on the housing market passed to resolve the issues from Reaganomics.
Obama inherited a landscape where 8 years of Bush had deregulated the banks to the point where they were giving mortgage loans underwater from the start to anyone with a pulse which lead to the 2008 collapse.
Here’s another part of the equation, the owner gets enough of a share of the business profit where they can buy a new house, expand to multiple locations, buy new cars, etc.
The extra couple bucks an hour per employee is a tiny drop in the cost pool per business operational hour compared to that. They could perfectly well keep prices the same without paying sub-minimum wages by taking a smaller cut themselves.