Property in the capital has become a global reserve currency for the super elite, altering its delicate cultural ecology
So the NYTimes has published a piece saying that London is now a property tax haven for the world's wealthiest people and it'll mean that the city will be culturally bereft within a few years as the lack of taxes going towards local councils will mean overcrowded schools, a lack of community hubs, families leaving the city etc.
And opinion pieces on that story:
It feels like they were saying this about 6 years back when all the arty, low earning student types (is that analysis actually true, because nice areas in London now seem to mean expensive coffee shops and things I'd never buy?) starting making Dalston, Stratford, Hackney etc nice but it does seem like things have escalated. Many of those people seemingly moved to New Cross, Leyton, Walthamstow but those areas too now appear to be too pricey.
Are we facing a future London full of rented, high cost housing and very few people actually 'living' there?