Tips for a Stay during a Short Trip to Hong Kong

Hi everyone,

I am coming for a short stay from the 1st to the 4st of May and was wondering where I could stay? My female friend who I will meet up with will be staying at the Sheraton, which I cannot afford. But maybe you know of a cheaper place in proximity to the Sheraton? I would guess that anything in walking distance is likely also quite expensive, therefore my further question, what is the preferred mode of transport in Hong Kong? Are Taxis affordable and reliable (as in Singapore?) or would I be better off with public transport?

Best regards,
Ulrike