The proposals for the Goodsyard call for 1,400 housing units, but with no commitment to any kind of affordable housing scheme. The housing will be in high-rise towers up to 48 stories tall, mostly one and two bedroom units. These units – similar to almost every major housing development in the neighbourhood in recent years – will be marketed off plan to overseas investors. With prices in the area now around £1,000 per square foot, flats under £1 million will be a rare site indeed.
And a scheme like that affects everyone. Building high-rise luxury flats reduces inventory for ordinary Londoners, who are struggling to find anything reasonably close to where they work. Selling to overseas investors does little for the long-time neighbourhood residents who simply want to remain close to their loved ones. And if you’re a family of four, forget about it. Thus, it affects all but the most privileged amongst us who (without casting any kind of judgement or aspersions) don’t lack for good options. As proposed, the Goodsyard housing isn’t good in any way.
One of our campaign co-chairs, a 20 year resident of Spitalfields, has this erudite lesson on housing in the area:
"The area suffers from a lack of housing; both Hackney and Tower Hamlets are high on the 'deprivation index' which is an indicator of poverty, poor housing etc. produced by government. This in essence means lack of ‘affordable housing’ for ordinary people. Hence the Tower Hamlets figure of 24,000 on the waiting list for affordable housing, which has not been dented one iota despite the massive increase in construction in recent years.
"How come? Well, for one thing, developers do not particularly want to sell low-priced units where, by adding a few flourishes and smart marketing, they can sell the same luxuriously marketed units at high-end prices to investors in China, India, Russia and other Eastern Europe states. The problem is that these 'investors' tend to leave their properties unoccupied for most of the year, contributing nothing to the local economy or community. Meanwhile other local people - vital to service the growing economy - are forced into ever smaller, cramped housing or sentenced to live way out in the sticks with onerous and expensive travel needs and unable to enjoy central London life and community.
“Moreover, developers and politicians alike misuse the term 'affordable'. Affordable is, they say, '80% of market price'. Thus a £1 million property would be sold for £800,000 and be called affordable! It is a specious argument which is why the community has campaigned for a detailed comprehensive plan to provide TRULY affordable units for rent and sale. We were indeed promised this but the consultation was curtly brought to an end before the issue was addressed.
"And now the developers have put in their plans without any details of their proposals on this critical social issue being revealed."