Upgrade to 1.14.2 causing massive lag spikes

This is a new issue specific to version 1.14.2. It doesn't apply to 1.14 or 1.14.1 because the server was running normally in those versions. This is a report for an issue that only occurred after this morning's upgrade to the latest version of minecraft.

Server is a vanilla minecraft server (running on Creeperhost). When a single player logs on, they report the game as unplayable (chopping down entire trees only for them to reappear, rampant rubberbanding, etc). Looking at the logs, I find the following messages:

[18:30:49] [Server thread/WARN]: Can't keep up! Is the server overloaded? Running 4817ms or 96 ticks behind

The longer the server stays running and the longer the player stays logged on, the higher the number of ticks the server runs behind. At one point, I saw the server report 10 seconds (10 thousand milliseconds) worth of ticks of lag.

This has resulted in a server that's literally unplayable so I've had to shut it down to avoid potential corruption to game save data.