Radical Model Fighting the Housing Crisis: Tie Property Prices to Income

Affordable Housing, Rent, Property Price Stabilization

Radical Model Fighting the Housing Crisis: Tie Property Prices to Income

Monday, January 16, 2017
The Guardian

Buried among the workhouse chic and the new brick apartment blocks is an unlikely experiment in building homes that will remain affordable to local people forever. After a decade of campaigning, the East London Community Land Trusthas succeeded in creating housing where the prices will be linked to local income in perpetuity, entirely detached from the superheated speculation of the property market....

As the capital’s first community land trust, the St Clement’s project was made possible because the site, home to a mental health hospital that closed in 2005, was owned by the Greater London Authority. After a long grassroots campaign, led by charity Citizens UK, the GLA asked the successful developer, Linden Homes, to work with the East London CLT group, which had also bid for the site.