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Fair enough, that is dearer transport wise than Edinburgh, but you do have a tube, overground rail links, light railway etc which hugely cuts down on the time that it takes to get across the city meaning that people can live much further away from their work. A 4 weekly pass for Edinburgh transport which gets you only on buses costs £35 for four weeks. So I'll give you that one no probs.
Council tax is not much dearer. Camden was off the top of my head and I guess it would be fairly dear although I'm willing to be corrected on that if someone knows different.
Camden Edinburgh
Band A £867.16 £779.33
Band B £1,011.69 £909.22
Band C £1,156.21 £1021.61
Band D £1,300.74 £1169.00
Band E £1,589.79 £1428.78
Band F £1,878.85 £1688.56
Band G £2,167.90 £1915.52
Band H £2,601.48
London contributes lots to the national economy, in no small part due to huge amounts of public spending from national taxation which is spent there.
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Does that include the precept? The GLA get another £300 a year or so. I know I pay more than that. £500 a year eats into that £2500 weighting.... and remember the properties tend to be in higher bands for their size as the prices are higher. Most flats will be in Band D or E.
London generates WAY more in tax than it gets back.