Newspaper article The Evening Standard (London, England)

Mayor Launches His [Pounds Sterling]1bn Plan to Tackle Capital's Housing Crisis

Newspaper article The Evening Standard (London, England)

Mayor Launches His [Pounds Sterling]1bn Plan to Tackle Capital's Housing Crisis

Article excerpt

Byline: Pippa Crerar City Hall Editor

THOUSANDS more Londoners could be helped onto the housing ladder over the next 10 years as Boris Johnson today announced a [pounds sterling]1 billion plan to build more new homes.

The Mayor warned that the "crisis" of housing supply was the biggest challenge facing London's economy.

The new funding will help provide 45,000 low-cost homes into the next mayoral term. Mr Johnson also pledged to bring in a new target to build 42,000 homes a year over the next decade -- more than at any time since the Thirties -- to address the capital's chronic housing needs.

At least 15,000 of these would be affordable properties while a further 5,000 would be purpose-built homes to rent, backed by long-term investors like pension funds. The Mayor said he wanted to make sure low-cost rental accommodation went to the workers who keep the city ticking over.

Launching his draft housing strategy at Greenwich Square, Mr Johnson said: "For over 30 years, regardless of boom and bust, governments of every hue have failed to build enough homes. …

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