Think about the positive feedback loop you are proposing here:

Minimum wage goes up -> everything costs more -> minimum wage needs to go up some more.

So labor expense grows and grows, while expense for "stuff" becomes a smaller and smaller part of that.

So how do you make that stuff? You can't hire anyone - too expensive. So either automation, or buy things from other countries. This means firing people.

Your proposal will lead to mass unemployment.

But it gets worse, since you've tied your numbers to the cost of housing, and cities have the most expensive housing, people won't be able to live in the city (no jobs available that pay enough).

So mass migration to places with lower housing, until the cost of housing in a city goes down. What's you've done is incentivized everyone to kind of spread out in a diffuse way to keep down the cost of housing.

But where are the jobs in these places? There are no service jobs, since services are too expensive for anyone to buy. You'd have to drive more than an hour to find a job.

People will respond by demanding rent control, but that also means less housing is available.

So not only did you cause mass unemployment, you also caused mass homelessness.