Living in NYC is no different to living in a London, Paris, Milan, Sydney, Barcelona, etc.
If you are a young person and shopping for a mate, this is where you want to be .... but it's a limited term engagement (6-7 yrs at most). You are also a big chunk of the annual churn - once you've decided to settle down you're renting in the burbs, 'cause kids are expensive!
If most WFH and zoom all day - both the opportunities and the pool of potential mates in NYC just crashed.
F*** It!, live in the burbs, travel to NYC on the weekend, and just rent a room in the DT on saturday night. Hotels are hurting, deals are abundant, and you look 'smart'. Not paying inflated rents, no car to maintain, discretionary cashflow, yada, yada. Common practice.
6-7 years? Graduate at 24/25 with a masters/designation, if the family hasn't started by 30/31 it isn't going to.
Better get to it - 'cause the clock is ticking!
Does it come back? Sure, but anyone's guess as to when
Is it cheap? Compared to what, and is the comparative relevant
SD