Exactly. TFA's theme is having employees invest cash by taking below market salaries.
Smart, experienced[1], disciplined employees will expect this to be a choice. Some may take the equity. Others will insist on the cash.
I agree that if one can't afford the latter, one is doing something wrong.
[1] In the ways of startups and the tech industry in general
Pay developers what they are worth. If you can't afford it, then you are doing something wrong.