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I’m an incoming first year staff, what should i do?
Could it be for cost of living? However it depends on how much you want to move and if you like NY. If it is something you want to experience and your salary won't be that much of a difference go for it. If not stay in Chicago.
Not much you can do other than take it or leave it. Cost of living adjustments between Chicago and NYC are like $1k so salary isn’t much different but your quality of life in NYC will be lower.