This is correct and both have both a small number of developers, pay very well, and have a really hard time at recruitment. Joel has blogged quite a bit on what a hard sell NYC is and all he has to do to sweet talk developers into even considering it. In the past I'd been offered very nice salaries to work in finance there and found there is no salary so high that it would compel me to move to NYC. Yes, many people love it there. Not many developers though. How many developers love the bar and party and media and high finance scene because they are massive extroverts?