So I compared the retail version with the steam version, I noticed that the steam version has made some folders with new textures (often HD) and has changed the loading system of the files.
This causes some textures, models and videos (sequences) to not load properly. For some, the game does not start correctly and hangs in a blackscreen or just goes out again.
After some research and tests I noticed that some problems can be solved, so that you can still play the game without any issues. So all nostalgic people can have a lot of fun with the game.
Open the folder with your game files.
Either via Steam or via the Windows Explorer (\Steam\steamapps\common\Tycoon City New York).
Then open the "Data" folder in the game directory.
Then open the "ART" folder and delete the folders "ANIMS" and "MODELS". This will make sure that the original game files are loaded from the .pak file again, which will fix most texture and model, as well as video errors.
Then go back to the root directory and open the properties of the TycoonCity.exe.
Change the compatibility to Windows 7, accept and confirm.
After you have made the changes, start the game as usual via the Steam menu and not via the .exe.
On startup, an error message may pop up complaining about your graphics driver. Simply close this by confirming it several times (YES).
When the warning disappears, the Tycoon City - New York launcher should open.
Select "Configure". Make sure that the screen resolution is set to the lowest option and the details to the highest option. This is important, because then the program will try to load the new files and then fill them up with the files that do not contain errors.
If you follow the steps, you should be able to play the game without any major problems, and it is also possible to switch to SoHo.
In general the graphics don't look perfect, but there are no major bugs known and so far the game can be played without problems.
I hope the guide helped you and you have as much fun as I have managing the city.
If the guide helped you, feel free to leave a support.