London’s red-hot housing market of late is by now an international legend, drip-feeding the media with tragicomic stories of insane pricing on a weekly basis—from the $710 cupboard to the one-bedroom flat on sale for $37 million. Now a new report out this week details some of the harmful social effects that this boom in housing costs has wrought. Unsurprisingly, they are many. — CityLab
This research, conducted by the think tank Centre for London, shows that the city's housing crisis is creating a massive gulf between the city's rich and poor. It's also creating an "inequality chasm" between London and the rest of the United Kingdom.
The report identifies three major trends. First, privately-rented homes outnumber owner-occupied ones, with the former growing increasingly poor. Second, while the top ten percent of British citizen are growing exponentially more wealthy, the rest of the country is getting much poorer. Third, in a reverse of historic models, poverty is becoming "suburbanized."
Read the linked article for more information on the study and what it says about life in London today.
For related Archinect coverage, check out these articles:
No Comments
Block this user
Are you sure you want to block this user and hide all related comments throughout the site?
Archinect
This is your first comment on Archinect. Your comment will be visible once approved.