Hey
I'm in a similar situation. Applied to MAPSS Econ and MA Econ at Chicago and Columbia respectively. Also got admitted to both, also with a 50% funding offer in Chicago.
At least from what I can tell, Chicago is more academic. So if you plan on going for a PhD, I would say Chicago is the way to go (especially considering you got funding there).
If not though, I think you could justify the extra cost of Columbia because, like you said, you'd be situated in one of the most attractive places for recruitment. From what I have seen, however, MACSS also has good job placement.
The good news is that there's really no wrong option here and you'd likely do very well in either program. Maybe you should just let it come down to which one of these cities is more attractive to you overall. If you'd rather live in New York and Columbia is your dream school, go for it.