As soon as people start growing their own food and stop buying the Nth iPhone sequel, and then start refusing to do hard labor for less than the cost of living, things will begin to self-correct.
I don't think it's right that "hard work" does not equal good pay. The less people willing to do a job, the higher that job should pay. If you can't run your business without what amounts to slave labor (though with the option to opt-out and starve...), then maybe you should do all the work yourself?
What's that? "Too hard" you say?
Welcome to reality.
I think we'll soon see a rise in "intentional communities."
That could address the homeless problem, and various others. Working for both yourself, and those you Choose to associate with, is far better than accepting a hard and low paying job with a shitty boss, and coworkers you can't stand.