That was pretty bleak. So basically there are too many people who will work for too little pay to live on all competing for the same low-paying jobs and limited housing. Competition for limited resources pushes up the cost of living that's now so high they stay in entry level jobs for fear of not being able to make ends meet.
The minimum wage goes up and business cut down on hours or staff or leave the city altogether making the job market even more competitive as people try to get a higher paying job within city limits and businesses try to move jobs out of the city to take advantage of the glut of people who will work for too little pay to live on.
Does anyone win here? What am I missing?