This is a bit technical but it’s one of the most interesting things I’ve discovered whilst researching our new show Machines For Living.
In February this year, Boris Jonson offered a site in Mile End to the East London Community Land Trust rather than three rival commercial developers.
A Community Land Trust buys land, builds on it and sells the properties for the value of the building, ie. the bricks and mortar but not the land. Typically, this brings the price down by around 50%.
The only condition is that if you want to sell your property in the future, you have to do so for an equivalent proportion of the market rate to the one you bought it at.
The Local Authority retains ownership of the lnd via the CLT and is able to use it to guarantee affordable housing for future generations.
Nothing short of revolutionary, in my opinion. Read more about it in The Guardian: ‘A Revolution In Social Housing’ (Feb 2012) and ‘All About Community Land Trusts’ (March 2007).
Congratulations to the East London Community Land Trust and thanks again to Dave Smith, who met with me a few weeks ago. (ELCLT website here)