This makes sense to me:

>“New York is now the leading place on the East Coast for tech-venture investments,” said David Silverman, a partner at PricewaterhouseCoopers. “Several years ago, companies that wanted to do something big all had to go to Silicon Valley.”

By now Boston, the East Coast's number two city, is almost as expensive as NYC yet doesn't have nearly the concentration of talent and doesn't have nearly as good a transport scene or dating life (http://jakeseliger.com/2015/09/19/briefly-noted-date-onomics...). NYC also has that critical concentration of nerds and rich people. SF has become so absurdly expensive that NYC starts to look attractive by comparison.