My $200 rusty ebike has been parked outside for 18 months in central London without problems. I take the battery in. The homeless junkie would have to get an angle grinder to cut two D locks, figure out how to buy the battery which costs $300 and is only available from decathlon, somehow try to make a profit out of the whole operation which I don't think I could myself and so on.

It's actually cost me about another $500 in maintenance getting the various bits that pack up replaced but it's a good theft deterrent.

This might have something to do with London not being in the USA?

I guess it varies by location but we have homeless druggies and bike thieves here too. I think old rusty stuff not being very attractive to thieves is fairly universal.

Do you also have homeless tent cities with thousands of stolen bikes in different states of decay piled around?

No. We don't have that one. Although the place still has issues https://www.reddit.com/r/londoncycling/comments/1hfo5ij/how_...

You might have different problems but you don't have the American problem with bike theft. Homeless here steal bikes regardless of their price and condition.