No doubt, but by only paying wages that appeal to 20somethings who want to live with a roommate in a cramped apartment, you're missing out on a much larger talent pool. Supposedly the same talent pool with the experience and skills you claim you need.

Indeed. Which is why, for my part, I consult now instead of work directly for startups. Having been employed by 2 failed startups was enough for me.

That's fine, but not all of us are 20 anymore. Some people -- including some very experienced devs! -- want to do boring shit like not be broke, have savings, have a 401K, take vacations, etc. Even if they live in NYC.

And I'm one of them -- except that I still want my work to be fun.

I got fired up enough about this topic that I wrote more on the matter here: http://news.ycombinator.com/item?id=1998515