The author thinks it is ironic that raising the minimum wage is supposed to help low income workers, but it could actually backfire by making businesses hire fewer people or cut workers’ hours. This would mostly hurt younger and less experienced workers who already struggle to find jobs. The author also explains that rent control put in place in 2015 did not fix housing problems like people expected. Instead, it caused fewer apartments to be available, higher rent prices for non controlled units, and worse upkeep of buildings, making the housing situation in New York City even tougher.
This is good. Increasing the minimum wage would just make it so younger people looking for jobs would not be able to find one because companies can only afford to hire less than before.