Sadiq Khan's report out today demanding more powers devolved London to control rents shows that he's economically out of his depth and ineptly stepping outside of his brief while London's housing crisis worsens and violent crime rises.
Matthew Lesh, Head of Research at the Adam Smith Institute, takes the Mayor to task:
“Rent control would wreck London’s housing market. It would discourage developers from building homes for London’s residents, and shut London’s door to immigrants by making it harder to find an apartment in the city. Sadiq Khan is showing he is economically illiterate by not realising the damage that rent control does to cities.
“Since they were implemented in Stockholm, you now have to wait up to 35 years for a rent-controlled apartment, with an average wait of 10 years. It has meant bribes, patronage, a black market, and poorly maintained apartments. Only the socially connected can get into apartments, reducing access for the poor and minorities.
“London's Mayor should get back to fixing the issues within his control – like the Crossrail delay and knife crime – and spend less time demanding powers that would worsen the housing crisis.”
If you would like to arrange an interview with a member of the Adam Smith Institute or request further comment please do get in contact with Matt Kilcoyne via email (firstname.lastname@example.org) or phone (07904099599 / 02072224995).