It's definitely easier to afford the list price in Manhattan, but what about the HOA/co-op fees that are usually attached? I feel like with most places in Manhattan being condos/co-ops/etc. that the fees are what might do people in.
https://ny.curbed.com/2018/7/9/17548...tment-for-sale
With SF, a lot of the buildings in some very large neighborhoods like the Richmond and the Sunset are attached homes with garages. Those are always going to be worth more. But do the condos/flats in the more urban areas have as high monthly fees?
That said, once you leave Manhattan, it's really not that bad for what you get. Inner parts of BK like Cobble Hill and DUMBO can be pricey, but outer neighborhoods like Bensonhurst, Sunset Park, Flatbush, Crown Heights, etc. are really not so expensive when you consider what you can get. Detached or semi-detached homes with driveways/garages within the city limits of NYC still with the same 24/7 subway access and decent nightlife/shopping options. Just beyond the city limits in Hudson County, you can find similar housing stock in Hoboken and Jersey City still with 24/7 subway access into Manhattan, and at a cheaper cost. Without 24/7 subway access, but decent bus lines into PABT for commuting purposes, you also have Weehawken, Cliffside, Edgewater, Ft Lee, and Englewood where varying housing types can be found all for a lower cost than most similar neighborhoods in NYC. Kearny and North Arlington are a mix and have decent transit access as well into Manhattan.
As for the Bay, the home prices never drop off like they do in the outer boroughs or the NYC metro. When people in NJ talk about high home prices, I can't believe what they consider "expensive" after coming from LA. At one point I was thinking they were talking about a home over $1mil. Turns out it was $800k and that shocked everyone here.
Tl;dr: Outside of Manhattan, the NYC metro is quite affordable compared to CA. Manhattan prices may possibly be deflated due to basically everything being a condo/co-op with monthly fees.
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