I had the fun idea to tie minimum wage to real estate in the area. Take the national average rent for an apartment for a family of x people. If the regional average rent is 10% lower the minimum wage can be 10% lowered as well. If the average rent is 100% higher the minimum wage can be cranked up by 100%.

It would create problems for poor companies that will have to make room for more effective entrepreneurs. At the same time it would create new opportunities in areas normally not considered.