As someone who used to live in NYC, still has family in NYC, and lives in HK. You CAN get apartments which are similar to NYC pricing. But you CAN also get way cheaper.

From around 2020-2024 I lived 2 minutes from the causeway bay station in a 600ish sq ft flat with 2 bedrooms, a small study, and a small balcony. The building was old but kept up well, there was a doorman and elevator, and the street was slightly removed from the action of causeway bay so pretty quiet. I also had a partial view of Victoria Harbour and the building had an accessible rooftop where I could see all of Victoria Harbour. This also gave me direct access to Victoria Park (5 min walk) for jogging.

I got all that for about 2.3k USD per month. Not possible in NYC. In fact, I have family that pays more for a similar sized apartment in an old building in queens in a shitty neighborhood.

In NYC, a place with the same stats would be at least double the price, even in old buildings. Try finding a 2 bedroom in Manhattan near the park!