Crossrail 2 project will “drive up housing costs in relatively affordable parts of London without further action” warns Green Assembly Member Darren Johnson who calls for a land value tax to dampen the rise in prices and help fund the project.
Darren Johnson AM has called for the Mayor of London to gain powers to tax the increasing house prices near Crossrail stations, following another study showing significant increases above the local market at many stations in London. The research by Knight Frank found that prices near Bond Street had risen almost twice as much as the local market, and that on average prices near stations outperformed the local market by 5 per cent.
A recent study found houses around Bond Street had risen almost twice as much as the local market.
Darren commented, “This huge wealth windfall may sound great for anyone who owns property and land near a Crossrail station, but it shows the project will drive up housing costs in relatively affordable parts of London without further action. It’s also a private windfall off the back of £15 billion of public investment.
“We could dampen the rise in house prices and help fund the project by taxing some of that windfall, using a land value tax. The Mayor rejected my calls to do this in time for Crossrail, but I’m calling on Transport for London to examine its potential for funding future projects like Crossrail 2.“
