There are a lot of dynamics. Certainly among my grad school class almost no one went to work/live in the city in the late 80s. And, indeed, essentially all tech

There are a lot of dynamics. Certainly among my grad school class almost no one went to work/live in the city in the late 80s. And, indeed, essentially all tech had migrated out of the city (Boston/Cambridge) by then. A lot of people did move to Manhattan for finance. But most left after they gained partners and kids. In general, I suspect a lot of younger/better-educated/wealthier folks have latched onto some of the more elite cities, when they might not have done so in the past, but may not stay there over time.