New York has a lot of incredible people, and our public transportation is probably the best in the country. However, the cost of living in New York truly sucks. If you lose your job, you're fucked. Housing costs are kept very high by three factors: (1) rent control, which leaves a lot of upper-middle-class, well-connected people in an arrangement that is superior to ownership (they pay 1960s rents, which is less than maintenance) costs and therefore never leave, keeping about half the good housing locked-up (2) Wall Street, and (3) indulgent parents who willingly drop $4k/month for their unpaid marketing intern progeny to have the "Manhattan experience" in their 20s. The latter two of those are threatened by the economic situation, and rent control is supposed to be phased out if the vacancy rate reaches 5%, ending the state of "housing emergency" that New York has been in since the 1940s, although I'm not optimistic about that one coming around.