They will be built both within and beyond the Square Mile that the corporation governs. It is being described as the City’s biggest house-building programme since the completion of the Barbican estate in 1976.
According to new research by the City of London Corporation, in 2014 even the cheapest 10% of houses were only affordable to the highest-earning 25% of City workers so some of the new housing will be for the social rented sector. The City of London Corporation already owns social housing estates in seven London boroughs: the City, Islington, Hackney, Tower Hamlets, Lewisham, Southwark, and Lambeth. Some of the new housing is likely to be added to these estates.
Speaking as the City’s highest decision-making body, the Court of Common Council, passed a policy document committing to the programme, policy chairman Mark Boleat said: “London’s housing crisis has become a threat to its economic competitiveness. Without truly affordable housing, we will no longer be able to maintain the diversity of London’s communities, which is an integral part of London’s success as a global city. When people think of City workers, they often think only of bankers and lawyers, but without security guards, receptionists and coffee-shop baristas, the City would cease to function. If workers on low to middle incomes cannot find affordable housing, then working in the City will cease to be an economically sensible option.”