BTW- Enjoyed your earlier posts about Fannie...
This is a long discussion (and would appreciate others input), but w/holidays coming up, maybe we can grind down :)
First, as a 'tourist', I think it always looks more expensive then it is. Just been my experience from 20 years of off/on travel and living frequently abroad. Locals always know where to get the good deals, and how to avoid outliers.
Secondly, to speak the same language on this, we would need the same product mix. Of course, there is the ol' McDonalds indicator. I don't think that would 2x in London (but closer to 40-50%), but I can't be sure.
For example, I was in Dublin a month or so ago, and saw (around 1000 sq ft. flats) in the heart of city going for (rent) around $2000-2500 a month. Dublin is one of the more expensive Euro cities, but that rate is very competitive w/anything you'd find (comparable) in NYC. OK, so one COULD go to Staten Island or Bronx and 'get a deal'..but is that really still comparable?
For me, rent/housing prices are a huge component of comparing standard of living- for its such a big budget component and everyone (most everyone) has to pay it. Perhaps you and I differ with that (or you are just talking basket of goods).
I don't think automobiles (another big costs) are 2x in Europe.
Nor cell phones.
Nor internet service.
Elec/water harder for me to judge.
Gas prices...well, we are still well below (but catching up now aren't we).
Health care (well, that is a decent chunk of my budget, but best leave that out...complicated argument).
So, when I look at what I pay on a monthly basis, I don't see your 2x argument. Now, perhaps you are taking a smaller basket of goods to arrive at 2x (sushi in London, for example :) but how relative is that anyway? That basket may make up a small/smaller % of my budget, so if it is 2x in London vs. NYC, it is still not 2x of MY overall budget.
Just some thought rambling, and a start....got to move onto to something else at the moment...feel free to disect.
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