To me it comes down to cost and lifestyle. Where can I do better work? Even weighing out the connections NYC provides, for my personal health reasons living in the bay area will give me the ability to take care of myself that living in NYC wouldn't (factoring in commutes, winters, etc). Columbia is so prestigious, in the global center of journalism, and the alumni network could be invaluable: if you can afford it an are willing to live in NYC, Columbia could be the right choice.