So, the main thing I see when the topic of a living wage comes up is that companies will just jack up the prices to compensate for the lost revenue, which then negates any increase in wages.

However, a minimum wage that is directly linked to what the living wage is for the area that the business is located would make it so if companies drive the prices up, then the cost of living goes up, then the living wage goes up and so will what the workers are paid. This way companies can't just jack up the prices, because doing so will mean that they need to pay their workers even more. Keeping prices lower will be in their best interest

Edit: Reddit is being weird and not letting me see all comments, and not letting me reply so I'll get to the replies when I can!

Edit 2: I see a lot of "what about small businesses" comments. If a business needs to exploit its workers in order to survive, then it should not survive.

Edit 3: Reddit is still being weird and won't let me see the majority of the comments so if I don't reply, I apologize!