Boris gets tough on land-banking
Boris Johnson has threatened large housing developers, sitting on land until its value goes up,with tough compulsory purchase orders unless they start building. There are thought to be up to 177,000 new housing units in the capital with planning permission in place, but where development has stalled, although not all as a result of land-banking. Mr Johnson told the London Assembly: "It's pernicious and I would be prepared to use CPO powers. To constrict supply to push up prices by land-banking is plainly against the economic interests of this city. I'm all in favour of using the powers where there are clear cases of land-banking, where people could go ahead with developments that would be massively to the benefit of this city”.
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