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that will probably happen, but it's actually just rich people pocketing the made up price increase while waiting for poor people to be desperate enough to work for the same low wage as the lost workers
I mean, yes, but also no.
For that to really work, you need a labor surplus, i.e., more workers than jobs. As long as there are more jobs than workers, workers are incentivized to hop jobs to get better pay, perks, and working conditions. It's in the best interest of the capital-owning class to keep a certain level of the population unemployed so that there are always more workers than jobs; that allows them to pocket more of the value that the workers are adding, because the workers have less leverage to negotiate better wages.
But when you suddenly lost 5% of your workforce, and they're jobs that are physically demanding (and in the case of construction, are a genuinely skilled trade), then capital-owning class doesn't have the leverage over workers. That's especially true when the capitalist can't easily move operations to an area with cheap labor; if you're a contractor, you're going to operate where there's demand for construction, not where there's cheap labor. An e.g. contractor can't just not build; they lose money by sitting on land, or on equipment that isn't being capitalized.
they just make the workers work more hours and more jobs.
... oh and make their children work. almost forgot they yearn for the mines 😅