An interesting addendum to the cost of housing elsewhere:
According to an insight study performed by the think tank New London Architecture, the dimensions of the London housing crisis are spectacularly bad: 80 percent of all new homes are only affordable to 20 percent of residents, while a near majority of all renting households are living in poverty. The study predicts that the city will add 70,000 residents per year, resulting in a total population of 11 million by 2050 (an increase of 2.4 million from this year’s population of 8.6 million).
Billionaire investors aren’t helping the housing shortage: 61 percent of all new homes are bought as investments, without any intention of being occupied by the owners. However, not all is lost: London’s relatively low urban density makes it an ideal place for increased housing development, provided that the housing can actually be afforded by the people who intend to live in it.
I wonder what the numbers would be here?Read more »