Cambridge itself has really expensive housing, not as bad as London but still very bad; think San Francisco as opposed to New York. But there are plenty of places within reasonable reach of Cambridge that are much more affordable. I live in a nice village about 7 miles from the centre of Cambridge, and prices there are 2-3 times cheaper than in the centre; move further out to somewhere that's not so much "one of the villages around Cambridge" and prices go down by another 1.5-2x.
It seems to me, having lived in both, that they have very similar problems. Both London and SF have a significant wealth gap.
Property is even worse in SF: prices are generally speaking more expensive (mainly due to far less supply than London), and average rent is higher.
What I'm getting at is if you agree with the op-ed and want to give up on London why would you choose a city which has a very similar set of problems?
In the past 60 years we've witnessed a remarkable cycle. First you had the "white flight" to the suburbs starting in the late 1950s or so. By 1980 the general consensus seemed to be that central cities were doomed forever to poverty. Now the trend is reversed and people want to pour back in. However, the regional population is much larger than when this cycle started so central housing has become a scarce resource.
The article is mostly about forces particular to the London market though. It is amazing how high property values have gone there. I live in San Francisco so I think I'm fairly accustomed to high prices, but visiting London and seeing mews houses going for £3m still blew my mind. Another peculiarity of the UK market is that a lot of property trading are just leaseholds, so you don't even really own the house after you "buy" it. (There are "freeholds" for sale as well, but that's even more expensive) Lovely city, but it does make you poor.