“To walk through certain parts of London today is to enter an eerie dystopia of late capitalism run amok. All over town, from Battersea to Stratford, vast welters of towers are in the throes of construction, invariably encircled by billboards depicting attractive white people at rest and play. But longtime Londoners know from experience that these towers are not really homes to be lived in but bricks-and-mortar commodities, investment opportunities that until recently were seen as safer than any government bond. If you ever find yourself walking through developments that have been recently finished and sold, you’ll discover street-level plazas devoid of people or even much evidence that many people are ever here…
“In her 2017 book Big Capital, Anna Minton described this scramble for prime London real estate as the catalyst of a “domino effect,” whose effects ripple outwards across the capital and beyond.
“The super-prime market displaces established communities to new areas, driving up property and rental prices elsewhere,” she writes. “And as current policies are geared to attracting foreign investment and building luxurious apartments rather than affordable homes, there is nothing to act as a counterweight.”
“The sense of apartness precipitated by these developments is in large part architectural. London used to be a low-slung city, but many of these luxury towers are vertiginous and imposing, dwarfing the besieged remnants of what came before. But arguably more significant than this aesthetic discordance is the social upheaval it augurs. As more and more towers have gone up, so too have socio-demographic lines that once felt blurred become abrupt and partite, as the runaway cost of housing manoeuvres people into economic enclaves, and poverty is pushed outwards into peripheries and ghettoes of disadvantage. Traditional places of commonality, where shoulders rubbed, have been replaced by pockets of consumption. High-streets that once displayed a multifarious range of shopfronts and establishments have evolved to reflect more stratified times: the poorer areas with their betting shops and pawnsters, the wealthier ones lined with estate agents, restaurants, and prim cafes. Our civic spaces and landmarks have been commodified as cash-strapped councils look to make up budget shortfalls by monetizing their assets or repurposing public libraries into private gyms. Boundaries, both physical and social, have started to rise across the city…”
Text: Henry Wismayer, How London Became a Playground for the Rich, Medium.
Pic: London’s proposed Tulip Tower