That's the thing, though. Everyone knows equity value has decreased and salaries have generally increased to reflect it. Within some error bars, $200K is a pretty representative one amongst folks I know who are working for startups in a senior/principal role.

There was much more of a delta when I started doing this ~10 years ago, but even then few people were in a hard spot (again, SFBA types maybe excluded, get another two roommates I guess).