The author has ignored the fact that most companies founded or run by by non-technical people don't usually do that well. (citation needed) At the very least, a company run by a non-technical person is oftentimes not a terribly exciting prospect for a hacker.
It's not really a lack of dev talent in NYC, rather a surplus of founders.
There are many committed and hardworking founders in NYC, but there's also an NYC phenomenon of the startup-as-country-club, where people with spare cash/time go into start ups mostly for the social aspect.
Agreed - there are loads of former banker types, or rich wives of financiers, who decide starting a startup is cool, and go try to hire an engineer for 2% equity and treat them poorly. Their "startups" are often some kind of online magazine where the main technical challenge is themeing Drupal.
