Comment by TeMPOraL

> Legislating a price floor does not magically change the underlying economics of a business. It just makes the jobs below that floor go away.

It may make some of those jobs go away. The price of the product/service will go up a bit, which will reduce a demand a bit, so the market will get oversaturated supply-side until some of the companies in it scale down or close up. Those who lose jobs will be worse off, those who will keep jobs will be better off. Yes, it sucks for those who lost jobs, but we can cater to them elsewhere in the system (e.g. different industry).

Competition will happily push the salary floor to as low as legally possible, so it's up to the legal system to ensure that floor doesn't go too low; in fact, I'd argue laws should be always set up in a way so that doing unsustainable business off unlivable wages should not be possible. The market is good at figuring out solutions to multifaceted problems, so let it deal with that constraint.