Competition drives prices down, but chances are people with limited options to shop around and who disproportionately head towards mass retailers already, by example, live in areas with imperfect competition and in the worst case, food deserts. As such, a minimum wage would seem to negate itself again.
You've missed the point of what I'm saying. I'm suggesting that minimum wage increases aren't detrimental on their own, they're detrimental when combined with reduced competition. A minimum wage increase in an area with strong competition for consumers is likely to be a net win.
Right wing thinkers don't believe reality exists for the most part. We've come into an age where we can't agree on basic facts; in that environment, there is no real thinking.
The competition in Google and Facebook's case isn't "programmers", but "exceptionally skilled programmers," which is a different good, a much scarcer one and with less diminishing returns than the former.
I'm not aware of the real estate situation in London to make a comment.
