Here are the downsides of NYC that I don't miss (relative to Austin):
- High income tax
- Far from anything west coast (skiing, mountains, outdoors, SF/LA, etc)
- Cold winters. Much easier to get to the caribean in the winter.
- Hard to get "out" of the city during the summer that doesn't have stupid logistics (e.g. hamptons). You can get to one of the lakes 15~60 min depending on where you live in Austin.
- Everyone talks about work (austin, people don't care what you do for a living)
Downsides of Austin:
- It's a small town. If you're social, you'll know everyone in about a year.
- Opportunity is limited.
- Satellite airport (gotta connect via HOU and DFW)
That being said, it's pretty clear it's heading towards Seattle levels, which is quickly headed towards SF levels of societal issues.