The magazine shines a light on London’s housing crisis, a market in which Londoners employed in academic, research or science professions, and younger people more generally, are being priced out of the city; and wealth inequality is growing so that it “now resembles that in some developing countries”. The problem? A lack of incentive to build. The solution (according to the Economist)? Stop being so precious about London’s greenbelt and get building.
There is enough green-belt land in Greater London to build 1.6m houses at average densities, says Paul Cheshire of the London School of Economics (LSE)—about 30 times the number of new houses London needs annually.
And allow local councils to set their own taxes on residential property to incentivise planning permission. It’s an interesting read, here.
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