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London mayor to investigate foreign investment’s effect on housing crisis

Sadiq Khan wants to map the scale of foreign investment and rising property costs

Since he was elected Mayor of London in May, Sadiq Khan has been making good on campaign promises to address London’s housing crisis and stem gentrification. He’s already announced plans to create protected anti-gentrification creative zones. Now, Khan has launched a comprehensive investigation into the foreign investment pumping up housing costs in the U.K. capital.

“It’s clear we need to better understand the different roles that overseas money plays in London’s housing market, the scale of what’s going on, and what action we can take to support development and help Londoners find a home,” Khan said in an interview with the Guardian.

The inquiry will attempt to uncover the impact of foreign investment while exploring the approaches other cities have taken to keeping housing affordable while encouraging economic investment.

While campaigning, Khan said he would “stand up to developers and make them give first refusal to Londoners” rather than market new homes to overseas purchasers. But critics of his approach say that foreign investment is just one small facet of London’s middle-class housing shortage. Do check out the full story here.