Even pricey city-centre flats help everyone move up the property ladder | Torsten Bell

Such developments are aimed at the wealthy, but buyers trigger a chain that lends a hand to those on much lower incomes

High housing costs are a disaster for living standards, costing private renters more than 30% of their income and giving London the highest poverty rate in the UK.

The economists’ answer is to build more homes in high-cost areas, but that’s easier said than done. Developments are often opposed from the right, for reducing local house prices, and the left, as gentrification.

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