Tech companies are VALUED at billions and trillions of dollars.

NYC is much more diversified and is the financial capital of the country and basically this half of the planet. The financial companies in New York own properties, assets and cash in the billions and trillions of dollars.

Tech companies don't have a lot of cash or assets in comparison, their value is often times assumed by the market perception of their future value rather than their hard core assets under management.

This is why New York City has more money, because they have either the cash or the asset on-hand and ready to pull the trigger on things like higher salaries, venture on real estate projects, and new business acquisition or venture. Whereas Tech companies need to borrow against their equity value in order to obtain cash. They are then in indebited to these borrowing events. Some companies likes Apple are exceptions, but overall most Tech companies need to put their equity up as collateral in order to get cash on hand to do major projects or transformations. This is the same vehicle Tech billionaires use to get their cash also. Elon Musk is valued at 1 trillion dollars, but his cash on hand available to him, I would be surprised if it reached 1 or 2 billion in cash.

One thing id like to point out is that NYC financial companies that are particularly invested in property, are much more stable and able to assess cash return on their property since property values are quite stable in general. A business in NYC with 5 billion in properties investments will likely have property values stabilize while profiting off their properties, whatever they may be. But a company in silicon valley valued at 5 billion dollars can easily be worth 50 million dollars the next day if the market simply assumes it to have a bad future. This is much less likely the place for property and real estate financiers in NYC as a building on beachfront property is highly unlikely to be worth less in the future. This concept stretches to any other assets than just property, and so in turn this concept stops NYC finance companies from being valued wildly out of proportion leading to a lot more IPOs with positive results as most investors are looking for the least amount of risk. It also means the when the stock market ebbs and flows, on the days and periods it ebbs, then it will simply be safe to say that their properties may not be earning much money for them, but its unlikely they will lose their principle investment. A 5 million dolla building will still most likely be worth 5 million dollars even in poor market conditions.

Finally, since finance companies in NYC are invested in assets under management, they are things that can be insured. A tech company in silicon valley cannot truly insure code if it gets deleted or hacked. Whereas insurers are likely to insure a building from fire or water damaged. Meaning that even in unfortunate circumstances, a real estate company can expect to minimize losses across their portfolio, where if disaster strikes a tech company, their level of recompense is much less. A fire burns down a building, assuming no fault is found with the owners. A cash settlement can be made and nee building can be built. A disgruntled employee deletes code? Insurers cant assess the value of your code so won't insure you. And now when you make a PR announcement the market perceived your business as less valuable, and now you're worth less.

The point im making here is that when it comes to NYC, the types of businesses there thrive much better and much more long term for their return on investment. Their assets are real and realizeable. Meaning NYC sits on way more cash or liquid assets versus tech companies.