I live and work in NYC and several of the companies I've worked for have never required more than 40 hours a week for work. In fact, if you did work long hours they would give you a day off or let you take extra vacation time like say taking a month long vacation to make up for it. You run someone into the ground then that person has health issues or leaves. Tech companies in NYC are very good about not having people work overtime. Even some older companies I've worked at like NYT and Reuters have great time off policies. I know for awhile Reuters had work from home Fridays.

All their business knowledge goes out the door with them. You end up wasting time with the hiring process and then finally hiring someone who costs more money who doesn't understand your business at all and won't be really able to contribute at a high level for 6 months while getting up to speed.