I had two buddies that ran businesses in the same city and rough area of town: A pizzeria and a small apartment complex. When they raised minimum to $15 in the city, the first thing the pizzeria guy did was cut back on hours/let people go. He picked up more shifts himself, and it only took 1 person to run the shop at low times. The second thing was raise the price of pizza.

Next, the apartment owner raised the rent because the people that had jobs had more money. But eventually all the prices eventually caught up. The now-minimum wage workers had no appreciably more to show for it. It did sort of level off the low wages. Before, minimum wage was lower than what most people were getting. The minimum bumped them all up to $15 regardless of their previous wage and didn't support much $16 and $17 an hour, at least immediately.