New York or LA
Do you think New York or LA offers better opportunities for a career? If you were still building your career, single with few responsibilities which one would you go to? I'm familiar LA because I've lived there previously, visit often, and enjoy the general surroundings of Southern California for the matter. However, I'm not sure how well the real estate network there compares to that of New York. It seems like New York offers a dense concentration of RE shops and professionals all within a small vicinity, whereas LA is a bit more sprawling and some of the finance/re scene even spreads into OC/Newport Beach. Are the potential deals or experience that those in New York partake in, possibly more comple; or are they more or less the same?
If you were given the option which would you choose? Whether on the basis of competing jobs offers? MRED program? Other reasons???
Okay, I am NYC based and our firm has an LA office. Since my role is at the HQ level, I travel to all our office frequently (well, I did when I was able to travel.....). So with that background. Some points..
NYC and LA are polar opposites for both being big, 24-hr primary type int'l hubs. NYC is transit dependent and dense, LA is care dependent and sprawled. People, weather, culture, are all unique and different. If you like one, you may dislike the other, all depends, VERY personal.
On net, NYC has lots more HQ activity in RE and finance, generically speaking, that means more jobs. Both get people wanting to work there from everyone, so I would say equally competitive. LA has the OC close and NYC has NJ, similar secondary effects.
NYC is also part of a big train linked region with DC, Philly, and Boston as part of the 'region', this creates even a bigger density of firms/jobs. NYC really is the center of the world.
On a local basis, LA is probably a better market for real estate (as in the local/regional market). NYC is having issues and this pandemic will hurt it way worse. NYC will lose more people to Texas, Florida, North Carolina, etc. than LA will loose to Phoenix and Texas.
Taxes suck in both, CA is higher than NY, so if you move out of NYC you only have to pay state and no local taxes. I think you would live in the city, so probably as wash. Still, I think cost of living is worse in LA if you factor commute/car costs (hard to really say).
LAX sucks, Uber is only option in/out. EWR and JFK are actually good and LGA is getting better (better flights, train service, and Uber/taxis). This matters on if you fly a lot. But it is way, way cheaper and easier to fly ANYWHERE from NYC and you have Amtrak! This means a lot for me, I have to fly nationally and int'l often (when not in pandemic...).
In short, both have ups and downs. Lot's of personal preference at play. Still, I think NYC has the edge on jobs due to the global HQ effect, LA isn't even close on that front. But LA (especially if you add OC) is huge and has lots of HQ'd firms, just tend to be more regional than global.
So, if you want a more 'local' career in a huge city, I think LA is maybe better. If you want to work in the HQ of global markets, NYC is only real option. NYC local market is way more competitive in my opinion, too many brokers and small investors with competitive cash.
To add a little perspective for this post, I would emphasize two things:
LA and NYC are so different from a vibe perspective, many people find both extremely polarizing. Visit ea. for 1 week+ to see if you really like it. I personally love LA--it's laid back, tons of eclectic groups of people, unparalleled access to nature, great weather, ridiculous Mexican food, countless A+ music and comedy venues.
Without an ounce of doubt, LA is inferior with respect to the quality and saturation of competitive talent. NYC is a melting pot for every Ivy League Managing Director wannabe, and probably the most competitive market on earth. LA is not. There is still high quality talent, but a TON of nepotism...if you are smart and have good work ethic it is much easier to stand out here.
Agree with many comments above, with the first being a great summary. About 7 years ago I was living in Chicago and made the decision to move to either NYC and LA. At the time, my brother lived (and still lives) in NYC and my best friend from college lived in LA. Ultimately I chose LA and couldn't have been more happy with my decision. A few things to add to the list:
Weather can be the deciding factor for many people when choosing between NYC or LA. NYC's winter is no joke, whereas here in LA I can go swimming in my outdoor pool anytime of the year. A nice sweater is all you need for the winter months. Makes life much easier with the warm weather.
Building off of Ricky Rosay's 2nd point regarding LA inferior competitive talent, LA also has an overall inferior pay compensation when compared to NYC. Many more top NYC shops will have a higher bonus (1x - 3x base) whereas the vast majority of top tier LA based shops top out much less. Certainly depends on base salary, but many times they are very equivalent, but then come year end, my NYC friends blow us LA guys out of the water. Carry seems to be equivalent for when you are experienced enough to get it.
The culture comments stated above are true. I've known people to leave both cities because they overall didn't like the vibe. NYC is more hustle and bustle whereas LA is more laid back. True personal preference, with some people loving both, or one, or neither.
NYC bars serve drinks until 4AM, LA bars (legally) serve drinks until 2AM. Might not seem that different, but people usually pregame and go out earlier here in LA. It takes a little getting used to if you were a degenerate like me in my party years. Results in drinking earlier.
Football starts early as fuck living in LA. 10AM on a Sunday is tough for a guy w/o kids.
Development in CA is arguably the most difficult place to develop in the country. You have an extremely active NIMBY community that takes advantage of the complex process required under CA environmental law (CEQA) to hijack projects and bury them in the costly/time consuming entitlement process. For context, going through a full Environmental Impact Report for 50+ unit projects or other larger deals costs at least $1M itself between consultant and legal fees. The risk profile, and level of discretion that lays in the hands of local officials to influence the project, is very high in LA. Pre-pandemic, I hadn't seen a MF development deal in LA that penciled above a 5% YOC in over 4-5 years.
LA and NYC girls are both A+. I think LA gets the edge. Unfortunately, a big chunk of good looking women in LA don't do shit and are "influencers," looking for their big break, etc. Finding an intellectual companion can be tough
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I was in a similar spot recently and chose LA. Can't give advice on your exact situation but I'll walk you through how I thought about it.
There are cons to LA (homelessness, how spread out everything is, it can be harder to make friends as an outsider). But overall I'm happy with the choice I made. If weather, proximity to nature and living a healthy lifestyle are important to you, I think LA is the way.
I will caveat that my decision was easy because the best job offer I received was in LA. I'm not sure if I would take a lower-paying / lower-prestige job just to be in LA. Take the best opportunity you have.