Vanguard's description of the fund is:
"This low-cost municipal bond fund seeks to provide federally tax-exempt and New York state tax-exempt income and typically appeals to investors in higher tax brackets who reside in New York. The fund holds high-quality long-term New York municipal bonds with an average duration of approximately 6–10 years, making its share price considerably more susceptible to changes in interest rates than shorter-term bond funds. Investors who are looking for a fund that may provide federal and New York state tax-exempt interest income and can tolerate interest rate risk may wish to consider this fund."
(
https://investor.vanguard.com/mutual-funds/profile/VNYTX)
So at a minimum I would think you would need to be a resident of New York state and have a high marginal tax rate.
Interest rate predictions are currently for a cut or two the rest of this year. However, as recently as January of this year, the interest rate predictions were for three increases this year. So as the economic forecast changes, the interest rate predictions change, and these can happen pretty regularly. In other words, I wouldn't count on them.
If you invest in this fund, you're concentrating your bet on the health of New York municipalities, rather than public companies across the entire country. That may turn out to be a good or a bad bet, but the concentration makes it inherently riskier one. As an example of this risk, the prospectus mentions some interactions between New York bonds and the TCJA that would affected the funds' returns.