Paddick housing plans for London revealed
Brian Paddick has pledged to build 360,000 new homes in the next ten years if he is elected Mayor of London.
The Liberal Democrat candidate said he would work to ensure that half of all new homes built would be affordable.
He said in his manifesto: ‘The shortage of housing, and of affordable homes in particular, isn’t just a crisis for individual Londoners; it has become a huge constraint on London’s economic growth.
‘Rents outside the regulated social sector are racing ahead, as growing demand outstrips available supply, and house prices in London continue to rise against the UK trend. Ultimately the real answer is a dramatic increase in the number of homes of all types in London.’
Mr Paddick would look to London’s 80,000 empty homes for the solution to housing shortages. He also hopes to turn 50,000 underused properties into housing and create 40,000 extra homes in spaces above shops. To encourage more productive use of existing housing assets he would end discretionary tax discounts for empty homes and second homes.
Mr Paddick also wishes to create a ‘living rent’ standard whereby Londoners pay no more than a third of their net salary on rent. He explained that tenants in the social rented sector pay 37 per cent of their income on rent, while private rented households spend more than half of their pay on housing costs in 22 of London’s 33 boroughs.
Another area Mr Paddick focused on was the impact of housing on the environment, proposing to set a target for CO2 reduction in existing housing stock and to increase loft and cavity wall insulation.
He said: ‘Improving housing is one of the best ways to reduce fuel poverty, increase environmental standards and address climate change.’