During today’s Mayor’s Question Time (MQT), Zoë Garbett, Green Party London Assembly Member, raised concerns about the Mayor’s London Growth Plan – published last month – specifically highlighting his heavy reliance on overseas investment to address the city’s housing crisis. Zoë told the Mayor that this would only continue to exacerbate the issue of housing inequality in the city.
In response, the Mayor defended his position, saying, “we do want foreign investment for the simple reason that there has not been enough investment from the Government.”
Reflecting on the Mayor’s response, Zoë Garbett AM says:
London’s housing market is broken. It’s designed for the wealthy to profit while Londoners suffer. Overseas investment is not a solution to the housing crisis – in fact, it’s made the situation worse.
It’s telling that the Mayor has admitted he’s forced to rely on overseas investment while the Labour government refuses to provide essential public funds for housing. What kind of message does that send about priorities? Londoners deserve better than to be left at the mercy of speculative overseas money.
With 40% of Londoners’ wages going to rent, 60,000 families stuck in temporary accommodation, social housing waiting lists at a ten year high and 300,000 homes approved but not built, it’s clear the current system is not working.
Sky-high rents and the cost of living crisis are leaving schools struggling to stay open and driving families out of the city they call home.
Without a meaningful shift in government policy and funding, London’s housing market will continue to serve the interests of a wealthy few.
