> Minimum wage is an arbitrary construct that may have been reasonable when it was initially introduced but due to dysfunctional politics/corruption (or "lobbying") hasn't been updated to reflect the cost of living especially with regards to property prices, so making minimum wage isn't a high bar.
Irrelevant. The point is that you could set the minimum wage to zero and people would still make wages higher than that because employers have to compete for labor.
> That's why I mentioned land and not only housing. In fact in most places the land is more expensive than the building on top.
But this is really not any different -- depending on how you define it land is either a scare resource you can't get any more of at all or something that requires labor to create more of, e.g. by building sea platforms or similar.
And people don't actually need any particular amount of land in order to have shelter. You can build an arbitrarily large amount of shelter on a given piece of land by building an arbitrarily tall building. In theory there is a limit on how tall a building you could make, but in practice if we built buildings of the largest size we know how to build on the amount of land that actually exists we would have dramatically more housing than is needed for everyone.
So the limiting factor is not actually land, it's construction, which somebody has to do in order for you to have shelter.