Mayor of London says increasing access to affordable housing is vital to the city's economic growth
A 1% fall in house prices in London could yield a £7.3bn boost to the economy over a decade, mayor Sadiq Khan has said.
It found that that declining housing affordability "has had a significant negative effect on London’s economic productivity".The London mayor said the lack of affordable homes “is having a profound and devastating effect in every corner of our capital, impacting every part of our progress". The mayor argued that more affordable housing in London would make it easier for businesses to attract and retain workers, and reduce homelessness and the reliance on temporary accommodation, which in turn would lead to more jobs and more investment for future growth.
In last month’s Budget, the chancellor committed £100m in funding for the Affordable Homes Programme in London.In July, the new government asked Khan to more than double the number of new homes being built in the capital each year.But the Conservatives say the new figure is less than London needs and less than the target they had set the mayor for home-building in the capital each year.
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