All there hotels and restaurants and service sector businesses used to paying bottom tier wages to desperate workers are now relying on their “managers” to fill in the gaps, and the pay their “managers” $36k per year to work more than 40 hours per week.
People accept it because it is a more reliable wage than hourly which can go up and down, but it usually means you are working 50, 60, 70 hours a week for extremely low pay.
If you bump that exempt min wage to $100k or $200k per year, then the employer is forced to hire more people and reduce reliance on these desperate “managers”.
Unless those people's jobs evaporate because they become uneconomical for the employer.
The janitor in an NYC suburb who was formerly making say $14/hr will benefit from a $15/hr minimum wage. The guy who pushes a broom and delivers parts for $12/hr at a tractor dealership in the middle of nowhere will be in the unemployment line.
Minimum wage is a cudgel. It should be set at the city or county level (for a variety of reasons, the above being one), not the state or federal level.
Minimum wage is set at the state and city levels. The federal minimum wage is probably obsolete in about 90% of the country right now, perhaps close to 100% now.
Raising the minimum wage is unlikely to have much of that kind of effect, since most people make more than minimum wage. What it does do is reduce the buying power of people making $30/hour because they now have to compete more often for things with someone making $15 instead of $10/hour. But even then, that isn't enough to put pressure on cars, houses, or even rent.
But what raising the minimum wage really does is put people at the bottom on a more equal footing with people not at the bottom. The people on the bottom can buy more, the people not at the bottom can buy a bit less.