The author finds Mamdani's minimum wage increase ironic because if the wage truly is increased to $30 an hour, then it becomes unprofitable for companies to hire employees at this wage. The unemployment rate would be at an all time high because people would be struggling to find jobs at this cost. They would have to raise the prices of their goods or services to be able to employ somebody at these wages, which would do the opposite of giving people more money. If people could find a job for this price, the cost for everything else would increase anyway. In 2015, something seemingly good like rent control has made it so that many apartments cannot afford things like heating because they are not getting a good return on what they need to pay for. This results in poor living conditions but I guess it is cheaper.
I like this response, if the minimum wage were raised than it would affect the company and raise thier prices.
It's funny how we never learn from previous actions. Rent control was shown to be destructive in the 70s, but sure, let's do it again.