It's a problem in many cities around the world that are experiencing housing price shocks. A list of some of these cities: Vancouver, London, Toronto, SF, LA, NYC, Seattle, Berlin, Austin, Boulder, Sydney, Auckland.
And the housing contagion spreads. For example most of the province of BC that Vancouver has similar housing affordability issues. Same with Toronto and many hours away from it. About %70 of the Canadian population lives somewhere heavily unaffordable.
Then you add the problem that most jobs are in these cities and it makes it even worse.
EDIT:
Look at this list of unaffordable metros for example:
http://time.com/money/4193804/hong-kong-least-affordable-cit...
The US stands out as having a good collection of affordable metros, the but rest of the world is worse and california is horrible.
And the housing contagion spreads. For example most of the province of BC that Vancouver has similar housing affordability issues. Same with Toronto and many hours away from it. About %70 of the Canadian population lives somewhere heavily unaffordable.
Then you add the problem that most jobs are in these cities and it makes it even worse.
EDIT:
Look at this list of unaffordable metros for example: http://time.com/money/4193804/hong-kong-least-affordable-cit...
The US stands out as having a good collection of affordable metros, the but rest of the world is worse and california is horrible.