April 21, 2008...12:44 pm
The ‘Olympic gold rush’
“Urgent action must be taken to prevent the communities of east London being trampled in the Olympic gold rush,” according to Josh Ryan-Collins, co-author of a new report, as quoted in The Guardian (isn’t it a surprise that I’m a Guardian reader! who’da thunk it? ;))
The report, Fools Gold, was published today by the New Economics Foundation (nef), and it looks at the impact of the Olympics on East London. As they say,
Fool’s Gold identifies the ‘trickle down’ economics that underly the approach to regeneration at the heart of the Olympic bid as the root cause of the problem. This assumes that investment flowing into deprived areas will stay put. In practice, as nef research has shown, it leaks out to consultants, developers and large companies which are best able to exploit new commercial opportunities. Small local enterprises are unable to compete and local people who don’t own their own homes are priced out of the housing market because gentrification inflates the cost of living well above their income levels.
I don’t know much about the topic, but this certainly matches my (admittedly limited) experience of living in Stratford. The house we were renting last year was taken off the market to be redeveloped, and returned with a higher rent. We have been informed that the rent for the flat we’re in now is going up by a fair heft when our contract runs out in a couple of months.
Not that this has particularly injured me or my friends - we are, after all, part of the problem, as the poster girls and boys of gentrification. But when so many developers are building luxury flats for us to put all our ciabattas and laptops in you do wonder where the original Stratfordians… well, where are they going to live?
3 Comments
April 22, 2008 at 10:09 am
what is the average rent in Stratford.
April 22, 2008 at 12:42 pm
Hi Sarjina,
Community Links, with whom i work for, helped to do the ‘on the ground’ research for this project with young people, local residents and businesses.
The feedback we got and the ideas that we developed into the recommendations for the “Fool’s Gold” report were fascintating. Local people are switched on, know what they want from the coming Games and are wary about the long term benefits of the Olympics and its legacy.
Fears about being moved on (or priced out), gentrification of the area and a lack of being involved and listened to are genuine concerns in the local community.
But something can be done. We recommended a 10-point rescue plan. But this plan needs to be put into action right now, today, otherwise the opportunities for local people will slip out of their fingers.
April 25, 2008 at 6:44 am
Hello!
I’m not sure on rent. One bed flat seems to be around £170 - 200 a week, but then I just had a quick look on http://www.gumtree.com which probably isn’t representative. Leytonstone is coming in at £130 - 170 a week, by comparison.
Thanks for the Community Links, er, link, Aaron! You’re clearly doing some really valuable work out here, I’m glad that people are switched on about the benefits that the Olympics may, or may not, bring.
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