The end result is that you get a place like Manhattan or San Francisco, where landlords have 100+ highly qualified applicants for every vacancy, and cottage industries spring up to help renters find apartments.

There is a map floating around somewhere showing that you can easily fit Manhattan, Boston, and San Francisco within Detroit's city limits.

I literally save $3,000 a year not paying those taxes compared to when I lived in Manhattan.

Being that is takes multiple forms of transportation currently to get into Manhattan parking plays a large part in driving up rents in Bayonne market. 

I currently rent an apartment and work in Manhattan.

Where is the unit located, in Manhattan I assume?

In today's market, the deal you are describing is even more rare than a unicorn roaming the streets of Manhattan.

or at least not a good one.In my experience when I ran the numbers, California might as well be Manhattan.  

during the "boom" times but COVID has loosened everything up and now 5% can be had in Manhattan, 6%-7% in Brooklyn and even 8% in the Bronx.

The cabins closer to PF are 90/10 vrbo to airbnb, but we have one cabin out in Wears Valley, that when we got it was 95% airbnb.