Housing is not a like a watch, so the comparison is moot, and to compare Bangkok to New York is ridiculous. The market is completewly different These condo projects force up land prices, which in turn forces up rents. Housing is a need, it's not optional. Even a 35 sqm condo downtown is renting for 25, 30,000 baht and how many Thais do you think can afford that. Vendors get forced back to the provinces and your middle class Thais get forced further away from the center and their jobs. Sure, there's the BTS and MRT (both expensive vis a vis Thai salaries) but people used to be able to live close to where they work There used to be communities. Not anymore. Maybe you've forgotten that the area around Lumpini, Chidlom, Ploenchit, Witthayu and lower Sukhumvit was once a thriving cultural area, replete with streeet food, vendors, affordable housing and entertainment options.
Even places like Udomsuk now rent rabbit hutches for 20,000 as ordinary workers are forcesd out of the city. Look at One Bangkok. Is another megamall downtown wiith attached luxury condos that only the rich can afford what's really needed? The government has been trying to force out people living on public land in places Bon Kai and Makasan for years and eventually they'll succeed and we'll have more luxury condos in buildings that are only a quarter full bought with laundered Chinese and Russian money. And now the government is urgently considering measures to solve the traffic problem. Well, hey, maybe if you had affordable housing close to where people work and didn't swallow up the land with malls and luxury condos the traffic problem wouldn't be as bad and the city wouldn't feel increasingly sterile.
Salaries in New York and London dwarf those of Bangkok, where the minimum wage is still around $10 a day. You can't even buy a burger in New York for $10. Even so, housing in major US and Canadian cities has become unaffordable for ordinary workers. No wonder so maany people still live at home and refuse to get married and start a family. Then everybody moans about the coming depopulation crisis. Yeah, well who caused that?