More than 500 highrise developments are in progress across London. For a nation in the grip of a housing crisis, this should be good news. But in reality, it will bring hardly any benefit for many of those seeking a decent home. Almost none of the new homes are reserved for people with no or low incomes and, although house prices in the capital are falling, particularly at the upper end of the market, construction for wealthy people and international buyers continues.
Much of this building is actually intensifying the stress on the affordable housing market, as developers grab cheap land and resources that can be converted into expensive, for-profit housing construction. Many public housing estates have been demolished, while others threatened with demolition may be replaced by expensive rented housing and units for sale at eye-watering prices.
www.pressreader.com/uk/i-newspaper/20181031/282282436299461
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