> I’ve just started transitioning my career closer to management, so I develop/manage roughly 50/50. At this point, if I had to manage a tight budget, I’d rather have an entry level salary as tokens for a senior engineer.

A high-potential junior you can at least justify as an investment in the future.

The other people who are going to get squeezed are the later-career developers who are below-average in ability. (I'm not using "below average" here pejoratively - just noting that by definition, half of developers are below-average.) Outside of big tech, there are piles of organizations with devs who don't make big-tech salary and who are only marginally productive for what they're getting paid.

If you're an organization that only has the budget to pay non-junior devs $80k... you can see the implications of having the option to spend your dev budget on seniors + tokens instead.