The Centre for London's recent report highlights the soaring costs of constructing homes in London, revealing that meeting the government's yearly target of 88,000 homes incurs expenses about 43 times higher than in areas like the West Midlands. Chair of the London Assembly housing committee, Sem Moema, warns that failing to combat the housing crisis risks altering the city's character adversely. Polling indicates that 60% of London residents have considered moving away due to rising costs, emphasizing the urgency to make housing more affordable in the capital, where staple community institutions like schools are under threat of closure due to decreasing populations.
"If we don't fix the housing crisis, the character of the city will be extinguished," said Sem Moema, emphasizing the urgent need for addressing housing costs in London.
Poll results show that 60% of Londoners have considered leaving the capital due to rising housing costs, highlighting the crisis's impact on residents' lives.
The cost to meet the housing target in London is approximately 43 times higher than in the West Midlands, showing the disparity in housing affordability.
In northeast London, schools face closure as families are unable to afford homes, illustrating the long-term consequences of the ongoing housing crisis.
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