The recent annual conference held by the think tank Centre for London highlighted the challenges facing the capital in terms of housing and other issues. Mayor Sadiq Khan addressed the audience, emphasizing the need for increased public investment in housing to tackle the ongoing crisis. He also pointed out that rising house prices are negatively impacting the economy and advocated for measures to improve affordability.
One potential solution discussed at the conference was the use of Mayoral Development Corporations (MDCs) to accelerate housebuilding efforts. While Khan has the power to create MDCs, only two have been designated so far. The London Legacy MDC and the Old Oak and Park Royal (OPDC) MDC have been tasked with specific development projects, but there is potential for more MDCs to be established in the future.
David Lunts, the chief executive of the OPDC, shared insights into the challenges faced by MDCs, including financial constraints and complex negotiations with various stakeholders. He cautioned against rushing to establish new corporations without careful planning and long-term commitments.
Discussions are ongoing regarding the development of Euston station, with differing opinions on the best approach to managing the project. Similarly, Westminster Council has expressed reservations about the pedestrianisation of Oxford Street and the potential involvement of an MDC in the area.
While MDCs may offer a solution to London’s housing crisis and other urban challenges, they are not a quick fix. Careful consideration and collaboration with local authorities and stakeholders are essential for the success of these development initiatives. The future of MDCs in London remains uncertain, but they could play a significant role in addressing the city’s pressing issues in the years to come.
