If the moon fell out of its orbit, would I get a better prize in a crackerjack box? Answer to both questions: unknown
Probably wouldn't be all that much different, unless we accepted a dramatic downgrade in minimum housing standards. Or put another way - incomes couldn't be driven down unless housing costs also came down in similar fashion.
If minimum wage law was repealed, would fast food pay 1 buck an hour? No. But, if everyone was on a level playing field in the USA, then there should be no minimum wage. The market should be the decider, not Little George W. Bush or some other dumbass bureaucrat. But, it ain't that way. Everything is tilted for the rich.