Khan’s warning to ‘greedy’ developers
19 May 2016, Blog
In plans which outline a quadrupling of ‘affordable’ housing in London, the capital’s new mayor has indicated he will target “greedy developers wishing to get maximum bang for their buck”. Now in his second week in office, the Labour mayor has said that he wishes to see some developments having more than 50 per cent affordable housing located in them. It follows criticism for his predecessor, Boris Johnson, who has apparently left a pipeline of new homes set to be built with just 13 per cent being affordable. Khan said Johnson has “left the cupboard bare”.
With fears over foreign money flooding the London property market, and buy-to-let owners pricing out local people, Khan is also said to be exploring the possibility of making it a condition of planning permissions that new homes were marketed to Londoners for at least six months.
Alongside first dibs on new homes for Londoners, Khan also appears to be thinking about changing the definitions of “affordable”, in a broadside against the government. He has said that affordable would not mean 80% of market rent (as defined by the government), but far lower social rents or a “London living rent”, which is pitched at a third of average incomes.