[rdl]

London's affordability problems seem primarily due to rich people from non-UK buying property there (due to stability and ~zero property tax, tiny fixed council tax) to park assets, potentially of dubious origin. They often are left vacant.

That's fairly distinct from SF's problem (lots of people wanting to live there, but artificially constrained supply, both construction limits and rent control)

[martinald]

Aryuably so but the equivalent of entire San Francisco has moved/is moving into London in a decade. It's a very rapidly growing city.

While I'm sure a ridiculous proportion of the v high wealth areas are laying vacant, in areas like Hackney (which are the fastest growing) I very much doubt that is the case. These flats don't make up much of the London housing stock, %age wise.

[klipt]

> rich people from non-UK buying property there

I.e. property speculators. There's plenty of speculation in the Bay Area too.

> artificially constrained supply

Thanks to lobbying from people who benefit from constrained supply ... e.g. NIMBYists and speculators.