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We are not even close to there yet. If that does become a problem, if min-wage causes 30%+ of the workforce to be unemployed, the government will lower it. They are stupid, but not that stupid. Besides, housing prices are also shaped by supply and demand. If unemployment becomes very high, housing prices will drop. Essentially what you are talking about is short-run price inflexibility.

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"They are stupid [ the government] , but not that stupid."

Don't count on it. There is something about government that attracts and concentrates stupidity. They discount reality, blank out unintended consequences, operate with stolen wealth, and shift blame AND cost for its failure onto its victims. In that environment its almost impossible not to be terminally stupid.

Stupid or negligent?

I so not disagree with you on any point other than perhaps the use of "short", which is a comparative term anyway.

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