When I was in college, minimum wage rose from $2/hour to $2.30/hour (except for farmworkers), a 15% increase. During the same period, my Collegetown rent in a three-bedroom apartment rose from $75/month to $90/month, a 20% increase.
Today, minimum wage is $8.75, a 280% increase over minimum wage in 1976. Meanwhile, Olivia's Collegetown rent in a three-bedroom apartment next year will be around $895/month, an 894% increase over my rent in 1976. I rest my case.