Replace Developer with maid in your post and read it again.

I don't have a maid, instead I clean my own house, and drive my own car. My understanding is in India people with half my income would have maids to do those tasks. However in my country the value a maid produces isn't as much as their value and so I don't pay one. I know what a maid would cost (some advertise in my local newspaper), and they are not worth it.

Same with developers. If the wages go too high some things we could automate will no longer be automated.