> It's a business - you don't know what their profit margin is. Except from their accounts, or their AGM, since many of them are PLCs. I'm struggling to think

> It's a business - you don't know what their profit margin is. Except from their accounts, or their AGM, since many of them are PLCs. I'm struggling to think of a London-based property developer that has gone bust solely on the basis of their London portfolio. It would be quite unusual. The closest I can think of is Targetfollow, which went into (and emerged from) administration, but that happened because they were nationally overstretched; the impact was felt more the further you got from London. We might see this happen as a result of pandemic influences on property uses, but I doubt it. > Presumably there are many who will advocate burdening developers with the cost of their own preservation aspirations while, at the same time, lamenting the lack of affordable housing due to the high cost of development. You set this up like it's an either-or, but it's not. The high cost of development in London has basically nothing to do with the risk of finding a mosaic.