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Plus I believe the City of London has a policy of avoiding owner occupied apartments blocks. Once a building is owned by 600 people, there is no way you can buy
by cm2187 7y ago
Plus I believe the City of London has a policy of avoiding owner occupied apartments blocks. Once a building is owned by 600 people, there is no way you can buy it, demolish it to build something more adapted to the new demand.
- tomatocracy 7y agoI'm not sure that's true, and in any case they can't really enforce that - if a building owner wants to sell individual units, they can sell them. The obvious counterexample to your point is the Barbican. Much of the Barbican is owner occupied and the vast majority of the flats there are privately owned (ie not local authority/housing association). I'm not sure but I think the Barbican still houses the majority of residents of the City proper.
- cm2187 7y agoIt is possible that this policy didn’t exist in the 70s. To be honest I read that 10 years ago when I was looking into commercial real estate finance. They may also have evolved since.
- pjc50 7y agoInteresting, since I knew someone who lived in a City of London owned tower block (not actually in the City proper) as an owner-occupier. It was a 60s building with flimsy single-glazed windows and unreliable lifts, which made it affordably bad in the first place.