As someone living in a very low wage country now, I will never again want to grow a company / work as an employee, in a place where the workers are lowly valued.
In my experience, it turns out bad for everyone. The company gets a far higher ratio of people who don't mind being lowly valued, the workers get lowly valued. Bad for everyone.
If you're hiring people in Waterloo it's not because you want low-wage seat-fillers. That would be, like, Podunk, New Brunswick. There's levels between "lowly valued" and "omg i can only get best A-players in SF"
In my experience, it turns out bad for everyone. The company gets a far higher ratio of people who don't mind being lowly valued, the workers get lowly valued. Bad for everyone.