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#BattleFest2016: A tale of two cities - is inequality killing London?
Listen to the opening remarks from the Battle of Ideas launch event at the Barbican in London
London
has, by most accounts, emerged as one of the premier cities of the
twenty-first century: firmly established as a global hub for finance,
technology and culture. Yet there have been growing anxieties about the
effect rising inequality levels are having on the city and its
inhabitants. Soaring private rental prices and strain on social housing
have fuelled fears about gentrification driving out long-term residents
as unfashionable neighbourhoods become regenerated. Such fears have also
begun to spread among the relatively affluent, with even the New York
Times‘s departing London correspondent bemoaning the distorting effects
of foreign investment into the capital’s ‘crazyexpensive’ property
market. Stories abound of young creatives being priced out to the extent
that they find commuting from Spain or Berlin a more affordable option.
More generally, there is a growing conviction that London’s development
is coming at the expense of a sanitised city, with public space
becoming increasingly privatised and stage-managed.
While much ire
has been expressed at the stark disparity between London’s increasing
range of luxury tower blocks and ‘poor doors’ provided to inhabitants of
socially affordable accommodation, some have suggested that inequality
is not as big a problem as lack of adequate infrastructure. A range of
measures from rent controls to strict penalties for under-occupancy have
been suggested, although many are sceptical of their long-term impact.
Almost everyone seems to agree that a chronic lack of housing in the
city is driving prices through the roof, yet calls to build on the green
belt and relax planning regulations are met with strong opposition.
Does
inequality pose a serious threat to the vibrancy of London? Would
measures such as rent control provide relief to the housing bubble, or
continue to distract from tackling the problems of supply? Is London in
danger of becoming a sanitised millionaire’s playground without urgent
action? Are concerns over ‘hipster gentrification’ a resistance to the
changing nature of the city, or is there a real threat posed by divided
communities in an increasingly expensive city? Should the capital’s
rapid development be a cause for celebration or concern?
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By academyofideas
3.9
77 ratings
Listen to the opening remarks from the Battle of Ideas launch event at the Barbican in London
London
has, by most accounts, emerged as one of the premier cities of the
twenty-first century: firmly established as a global hub for finance,
technology and culture. Yet there have been growing anxieties about the
effect rising inequality levels are having on the city and its
inhabitants. Soaring private rental prices and strain on social housing
have fuelled fears about gentrification driving out long-term residents
as unfashionable neighbourhoods become regenerated. Such fears have also
begun to spread among the relatively affluent, with even the New York
Times‘s departing London correspondent bemoaning the distorting effects
of foreign investment into the capital’s ‘crazyexpensive’ property
market. Stories abound of young creatives being priced out to the extent
that they find commuting from Spain or Berlin a more affordable option.
More generally, there is a growing conviction that London’s development
is coming at the expense of a sanitised city, with public space
becoming increasingly privatised and stage-managed.
While much ire
has been expressed at the stark disparity between London’s increasing
range of luxury tower blocks and ‘poor doors’ provided to inhabitants of
socially affordable accommodation, some have suggested that inequality
is not as big a problem as lack of adequate infrastructure. A range of
measures from rent controls to strict penalties for under-occupancy have
been suggested, although many are sceptical of their long-term impact.
Almost everyone seems to agree that a chronic lack of housing in the
city is driving prices through the roof, yet calls to build on the green
belt and relax planning regulations are met with strong opposition.
Does
inequality pose a serious threat to the vibrancy of London? Would
measures such as rent control provide relief to the housing bubble, or
continue to distract from tackling the problems of supply? Is London in
danger of becoming a sanitised millionaire’s playground without urgent
action? Are concerns over ‘hipster gentrification’ a resistance to the
changing nature of the city, or is there a real threat posed by divided
communities in an increasingly expensive city? Should the capital’s
rapid development be a cause for celebration or concern?
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