NYC has a much better functioning real estate market than SF/Bay Area from what I can tell. With the exception of the remaining rent controlled apartments, there is not an unwillingness to build high density housing. There is a much better match between housing prices and the supply/demand curve.
In NYC, saving up for the down payment on an apartment with a 30-year lease basically requires being able to hold a reasonably high-paying job for 3 years. Real estate is definitely way overpriced, but it's not exactly insane either.