I grew up in NYC, in an even worse apartment. Despite no longer having family there, I would return in a heartbeat. I loved it and wish I could raise my kid there (in a better apartment, mind you)
If I could have a better apartment there I would absolutely consider moving there. The issue is that I'd have to live somewhere that would be considerably worse, and me and my partner make many times more than my parents did when they bought their place when adjusted for inflation.