I'm not going to pretend that London is cheap, I paid near £4 million for my house but I'll get twice that today. It's a matter of what you can afford though and it's not NYC, it's everywhere.
My wife sold her apartment in Toronto last year for $2 million.
Neither of us started out with any kind of money, I was living in a ghetto outside London and had to straighten myself out. I've had my share of stories that I don't want to tell but the thing is, I got out of there and I did what I needed to do to make it back into the streets of London. I bought my dream house cash, literally cash as in a suitcase of money.
Why? I could have deposited it or we could have done the transaction in another way but when I was 13 I dreamt up that dream and I fucking did it.
I don't see how devaluing my property that I paid $4 million for is fair to me or anyone else, they can do what I did or they can't, if they can't they can go live elsewhere, you do not HAVE to live there.
I see a huge problem, if you start devaluing properties that people like me worked our entire lives to afford then you can go fuck yourself.