This happens in the Bay Area for a similar but different reason, the promise that you’re on a rocket ship that is pre-initial exit can hold folks tight with sub dollar stock options that promise to 20-30x in value if you win the lottery.

Smarter folks have just gone for the one or two year cliffs, this is one of the reasons “job hopping” is looked down on for high skilled workers and attributed to attitude and not the companies’ failed promises. Obviously not keeping people is painful for growth too, but it’s still a very one sided power dynamic.