Don't always take reasons as a given without thinking them through. If you are in NYC, recruiting for a job in NYC like banking that requires a lot of networking/ face time, they will EXPECT you to be networking with them every minute that you possibly can- and your other classmates will be doing this too. The result (together with grade disclosure at Columbia) is an extremely competitive environment in which you have zero free time to do anything you like.
In contrast, in Chicago if you even fly to NY once a month to network, they'll think that you're amazingly committed. Think carefully about whether you want to be in NY, even if you want to recruit for jobs there.