A developer, St George, has requested Camden Council to significantly reduce affordable housing in a project near Camden Market, from 203 to 83 out of 637 homes. St George claims that economic challenges, including rising build costs and regulatory changes, threaten the project's viability. If the council denies this request, the development may pause, impacting housing delivery. The developer argues that granting the request will enable completion of the project and the associated public benefits, amid concerns over declining housing delivery in Camden.
"Without these changes, the project's viability will be jeopardized, risking the entire development and delaying any future housing availability at the site."
"Significant changes in development economics... including unprecedented build cost inflation and stricter regulations are threatening our ability to deliver affordable housing."
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