The majority of key workers, including drivers and cleaners, can’t afford to pay rent in London anymore, real estate expert Nick Millican informs. The mayor of London expressed the need to have rent control in the capital.
The current trends are forcing low-income earners away from a city that relies on their services. The mayor insists that if those offering vital services to the city cannot afford to pay rent in the area, then everyone is losing. Nick Millican believes that for communities to live in harmony, they need to be healthy, access quality education, and meet their basic needs.
Therefore, the mayor is calling on the government to control the rental market and ensure the key workers get breathing space. Greycoat adds how the government should also prioritize building more affordable houses in the city.
Also, the mayor noted that the result of unaffordable houses is that the key workers that the city relies on are the worst hit. The government needs to make deliberate efforts to build affordable houses as a way of ensuring a fair London for everyone (Marketoracle).
Otherwise, the key workers will be compelled to move elsewhere, spending a lot of time commuting. The crises are worsened by the increasing number of privately rented homes, as the real estate agent Nick Millican finally states. Also, following the rise in the base rate by the Bank of England, landlords are forced to pass the increased mortgage costs.