If you're bootstrapping, be wary of the NYC burn rate: your expense base will explode and you're going to get taxed up the wazoo on your early revenue. Worst business environment I've ever had to operate in.
If you're selling primarily to a NYC audience or industry, then move there of course - get close to the customer. Otherwise you've got a lot more runway in the South....
Smart. It's more than a job though, since you're effectively investing in building relationships within an eco-system.
Certain paths make more sense in NYC; if you're selling into finance or publishing. If you're wanting to do a venture funded startup (or raise investor capital). Adtech is probably stronger there too.
Others make sense in low cost markets; bootstrapping a product for middle America. Stay cheap for that.
Pick your long term path then pick your environment.
If you're selling primarily to a NYC audience or industry, then move there of course - get close to the customer. Otherwise you've got a lot more runway in the South....