Cognitive Dissonance on Minimum Wages

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QUESTION
The issue of minimum wages and the cost of living has always troubled me in a several instances. It is maintained that many states in the US are very costly to reside in because of the high cost of living. Some people (scholars) maintain that the high cost cities in the society raise minimum wages as a way of mitigating this problem of exorbitance to help the low-skilled workers to cope. Surprisingly, many left liberal groups use this proposition to justify their arguments on rent control as well. In my view, this high cost of living in the various states and cities is largely caused by a myriad of government policies and measures such as taxation, regulations and restrictions on numerous things. This reason gives a valid justification of more government-imposed coercion both in the two dominant markets in the country (housing and labor market). However, it is unfortunate that these government ‘solutions’ not only reveal flaws in logic (economic) but also tend to be mutually contradictory. They are diametrically opposed in terms of addressing the main problem in such a situation like high-cost of living.
While my dad and I were having a discussion on this minimum wage one afternoon, I was perturbed by something. The minimum wage policy measure especially for the poor as well as the control of rent tend to first force prices up and down respectively thus reducing the supply of the commodity for instance apartments or houses in the long run. My dad could not make this ‘solution’ seem clear to me for the very fact that while in this equilibrium it seems to be sorting one end, the other side of the equilibrium suffers because of such effects of the first action. This fact makes these “solutions” counterproductive to the challenges faced by the laborers (who are unable to sell enough of their low-skill labor) as well as to those people who are not able to purchase enough of the housing services. Through this encounter with my dad on the issue of minimum wage and maximum rents, I learnt that the rhetoric used in this case hides the main issue here that the key issue is worsened rather than being made better by manipulating minimum wage.

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