You have the same problem that Buffalo cops have with State Troopers or Amherst police. Each market is different. As public servants the metric is the same for small business, what is the market demand, replacement cost, supply of qualified applicants, and what is the minimum you can pay to attract and retain candidates. Right or wrong.
The theory of value and supply and demand applies to everything, it is what drives selection of a mate, to commodities, to professions etc. etc. Value is based on the mindset of the consumer vs extraneous factors. Meiosis , I am thinking you teach biology. As Homes said value is forced by government in many arenas, some good some bad in my opinion but that's the world we live in. My friend is a veterinarian, she can tell you about her pay vs a physician's pay vs school loans and blood sweat and tears educational and work difficulty.. It's not pretty for her.. but animal life has less value than human life. She could make the same argument you do, but she is controlled by free market forces.
As a consumer what value does the populace get for paying for education in NY? That is a difficult question.