Stoppelman’s response is laughably absurd. The problem is that the cost of living in SF is too high? Hello? I have news for you, Mr. Free Market Wages — it wouldn’t be that high if there weren’t people who can easily afford it, like you.
While you top-five-percenters drive up prices because you don’t have to care how much you spend, think about where all that money comes from. Oh, sure — you’re a real man of the people, with your $1 annual salary gimmick that puts $900,000 in your pocket…as long as Yelp’s stock is soaring. So you’d better make sure “investors” like your company’s profits and net earnings growth, and one way you do that is by paying people an hourly wage that’s half of what people need in any major American city.