That isn't a consequence of globalization. I don't want to downplay the seriousness of this, because I agree that is a problem, but not one caused by globalization, but rather NIMBYism. And this goes into my point about security and government.
Even more so, by Federal Reserve ongoing policy of extremely low interest rates. If the long bond yielded 5% you'd see MUCH lower real estate appreciation, and if it got there quickly, prices would certainly drop significantly.
With that said, there are plenty of affordable places to move to, they just aren't super sexy and cool. But even San Francisco and Brooklyn were completely uncool not that long ago.
