I'm a former New Yorker of 9 years. The gross compensation is typically much higher than in HK so this off-sets the tax.
I would argue that cost of living is lower than Hong Kong... my old 600 sq ft flat was located in midtown Manhattan, high-rise, doorman building with luxury appointments (stainless steel kitchenware, granite countertops, etc) and was roughly the same monthly rent as my current dump of a shoe box in North Point.
There are plenty of daycare options for working parents that are affordable and pretty convenient. No one has or needs helpers because there are enough reasonably priced options for daycare or even house cleaning if needed. The availability of on-demand and delivery services (e.g., seamless, amazon prime, taskrabbit, uber, etc) makes life extremely convenient if you have the coin. And don't get me started on how good the restaurant, arts, and music scene is compared to HK.
Long story short, living in New York is night and day compared to HK.