[bluGill]

NYC has much lower costs of living than Santa Cruz. Not cheap, but still cheaper. They also have better ability to get out a little and get a lot cheaper places to live.

Hong Kong is politically constrained.

That said, high rise is enough more expensive that I wouldn't expect cheap units to be in those buildings in general (unless the penthouse is valuable enough to subside lower levels). The mid rise (~5 floors) is a much better deal for most people.