Apparently pay increases aren't on the list of ways to address a teacher shortage according to the New York Times. The paper had an interesting piece reporting on a nationwide shortage of applicants for open teaching positions. The article described a number of ways in which schools are attempting to address this shortage, including lowering standards and recruiting overseas.
It does not indicate any plans to raise wages, which would be the textbook way to address a shortage of workers. Lack of job security could also be a factor making it difficult to attract qualified teachers, since some people have gained celebrity status as a result of the pleasure they take in firing teachers.