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)

- Summers get HOT.