Los Tacos No 1 is a classic New York success story. After the Mexican-style taco joint opened in 2013, it quickly became a critic’s pick in the city’s paper of record, drawing long lines and a devoted lunchtime crowd. As word spread about its juicy al pastor and handmade tortillas, it expanded to nine locations. Then, this September, bad news struck: Los Tacos No 1 had received an undisclosed amount of funding from private equity firm TSG Consumer.

According to a press release, this cash would help Los Tacos pursue “thoughtful, founder-led growth”. Customers were not so sure. Social media posts quickly declared “the beginning of the end” for the chain, half-jokingly anticipating tiny portions of bad food.

Faced with such eulogies, the co-founders promised: “No, we’re not going to start charging extra for guac. We’re not switching to horse meat. And no, we’re definitely not messing with the tacos.” This, too, was met with skepticism and ire.

Critics bemoaning the “same-ification” of New York – the idea that a once lively and creative city has devolved into a suburban strip mall – often blame the same villainous force: private equity. The business model involves firms investing in privately owned companies to grow and restructure them, in hopes of making a profit. Across the country, private equity has hooks in an ever-increasing variance of industries, from hospitals and veterinary clinics to clothing lines and cutlery brands. Now, some New Yorkers are ringing the death knell for one of their favorite activities, eating out.