That's ignoring taxes, too. Real take home for a single filer earning 500k in SF is ~$282k. Take out another $48k for median-ish SF rent ($4k*12) and that "$500k" is already south of 250 before most of your bills are accounted for.

Most people in the US would be delighted to have over $200k of gross income, much less after paying for taxes and housing. Your argument seems to suggest that those developers should also be very happy with their incomes.