Accurate. But to soften the blow a bit, two things often left out of the story that are sort of particular to this city:

1. When you’re surrounded by third spaces and cheap food, studios can be more livable than elsewhere.
2. Roommate living is way more common here since it’s the only reliable way to score sub-sub-market rent (like well below studio prices) which means a lot more options to choose from than in most cities. Also a useful hack for new arrivals who want a few months to scope out different neighborhoods before settling.