I may agree that it is not a convincing argument for anyone, doing any job, but I'm not sure the programmer part makes any difference.
Moving isn't realistic within the span of a week. Remote might be an option, but brings its own challenges.
I live in a market where finding a job quickly makes it another shitty job, and only after amply signaling your submissiveness (ah, Europe). You get no unemployment money, because it's you who quit, of course.
There's also the fact that you're the good guy and yet you're the one getting shafted, while the arses above keep doing what they do. Anyone with a brain will sense something's wrong, and will rethink their ethics.
While this has not been true in my personal experience, I must say that I've been very fortunate in life. I can totally understand and see how this may be true for some programmers.
I wonder if, as an industry, there was a better way for us to handle such situations.