London Eases Building Rules, Forgetting Who Pays Rent
Ah, the classic 'trickle-down' urban planning. London, ever the innovator, seeks to 'kick-start' construction by making it easier to build. The FT frames this as a necessary boost for a 'struggling' sector. What goes unsaid, of course, is that for years, developers have been 'struggling' to build enough penthouses for foreign investors while actual Londoners struggle with rent — which, according
to property tracker HomeLet, hit an average of £2,078 in August 2023, a 10.3% annual increase. (Perhaps a struggle for different reasons?) One might wonder if easing regulations will lead to cheaper homes, or just more luxury flats that sit empty, further inflating a housing bubble built on speculation. When the 'struggling' sector makes record profits on unaffordable properties, giving them fewer
rules seems less like a solution for the housing crisis and more like a bonus for those who created it.