Earlier quoted context omitted.
In NYC, they have laws that a renter must earn an annual income that is 52x the monthly rent to qualify to rent the apartment (yes, subletting from someone is one way around it). In NYC, a 1BR apartment that you live in by yourself is a status symbol. The average monthly rent is north of $2,500. Spending $2k+ on rent just to live in the city, maybe that's more about ego than it is about money..
There's no such law, it's a general guideline that it be between 42-52 times the rent. Which makes a ton of sense to me. While rent is "extreme" for people who don't live here, you should also consider that we generally don't have the same expenses as people in the burbs or elsewhere. We don't own cars, we don't buy gas, etc. That right there knocks $500-750 off your living expenses. Furthermore, you need to consider…
Re: Olive Garden - I escaped the suburbs to live in a major city but it doesn't compare to NYC of course. Where else will you have 5k restaurants and night-life at 3am (Paris, maybe..)
I go up to NYC quite often because I have family there. I was in Brooklyn recently. Nice to hear that there is a startup scene there. Saw lots of new loft construction going up everywhere near Grand. Sadly the Brooklyn Brewery was closed. BTW - Highly recommend Lily Thai (restaurant)
"The Housing Virgins of NYC" http://www.nytimes.com/2006/08/24/garden/24new.html?_r=1&...
Rent-stabilization on the UWS [http://en.wikipedia.org/wiki/Mitchell-Lama].