That’s not how supply and demand works. If you raise minimum wage so that it can pay for a two bedroom apartment, then demand for two bedroom apartments will skyrocket pushing the price put of range once more. The only way to do this is to couple the wage increase with artificial availability by creating rent controlled, minimum wage housing.

I live in the “Greater Jackson Hole” metro area which includes two Teton counties. One in Wyoming and one in Idaho (Wydaho). Our area is full of billionaires as well as double and triple digit millionaires. You will never see a “conservative” area with more aggressive nature conservation efforts than here. Why? Because the area is paradise and the billionaires have bought all the land in order to keep it pristine (and get a nice tax break). Unfortunately, everyone tried to move here during and after lockdown and now prices are ludicrous. The thing is that the rich still need services and workers to keep that quality of life up. What was the fix? They built affordable housing for the local workforce. Some of these include store/shop spaces on the first floor for practically zero rent as long as your business is helpful to the community or raises the quality of life. So many artisinal bakeries, coffee shops, yoga/Pilate’s studios, high end dog supplies and grooming, cultural artifact shops, etc. Seriously, the entire population of the area is roughly about 30k and I have access to more top tier coffee shops here than I did in the infamously hipster Austin, Texas.

If you ever want to know what systems will be effective, just look at what the mega-rich do for their own self-interest.

EDIT: During the early days of the lockdown, private jets were flying in with medical equipment (respirators) and supplies for the entire community. A billionaire couple donated some of the first COVID-19 blood test machines in the nation. If you tell me that in five years this area will have government subsidized living wages and free healthcare for all, I will believe you…as long as the program is tied to local service industry employment because the mega-rich won’t do anything unless it benefits them somehow.