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.