At a City of London planning committee meeting last year both James Thomson and Mark Boleat voted in favour of Taylor Wimpey’s The Denizen development; this will replace 110 social housing units with 99 over-priced luxury flats and with no on site social or affordable housing. This demonstrates exactly where both men are coming from on housing issues. It’s all about money-making over local social need. James Thomson was formerly deputy chief financial officer and chief operations officer of Cushman and Wakefield, commercial property and real estate consultants, which marketed and sold the site he voted to grant planning permission for to Taylor Wimpey. Likewise, the local authority to which Thomson has been ‘elected’ doesn’t seem in the least bit bothered about how it looks when it gives work to the company of which he is the CEO.
The City wants hot money looted by corrupt elites from outside the overdeveloped world to pour into London and other global centres, where it can be invested in property and thus hyper-inflate the housing market. As a result rents and mortgages get puffed up, and so do potential profits for financial capital as debt increases. As the last crash showed, the periodic failures of this system are often the means by which yet more wealth is transferred from the poor to the rich. The City and its offshoots such as The Housing & Finance Institute want London and many other urban centres blighted with ghost homes, since this forces up house prices and leads to ordinary people overspending on necessities and in debt.Read more "The Denizen & The Plutocracy’s Programme For Growing Inequality"