We know that's not the case because if there was even a shred of data driving this decision they would have been crowing about it. This happens every time someone proposes that businesses be better members of their communities — some reactionary will say that they'll be unable to create all of those jobs, but they're never asked why they're less wrong than everyone who very confidently said the same thing on the previous iteration. You can copy-and-paste that for so many issues — wages, benefits like sick leave or health insurance, pollution, banning indoor smoking or serving drinks to obviously intoxicated people, etc.

The flip side of this is that it only looks at a single part of a complex system: for example, how much does staff turnover cost the average business? You'll never, ever hear someone whining about the prospect of paying a living wage acknowledge the businesses who've found that treating their workers better saved them money because they saved money from not having to constantly be hiring and people were more productive.